The owner of Berwyn Funds (TriState Capital Holdings) loses a big client and bails on an acquisition.
Vanguard is replacing Chartwell Investment Partners as one of the subadvisors of Explorer and MidCap Growth.
Tristate Capital is also abandoning its plan to buy a fixed income team and about $4-billion in assets from Aberdeen Asset Management in Philadelphia.
Chartwell owner Tri-State Bank, based in Pittsburgh, recently bought the Berwyn Funds investment group, including BERIX and BERWX.
Reading the release, it seems that Tri-State is fixated on "growing revenue...and attracting meanful inflows," rather than its results.http://www.businesswire.com/news/home/20161205005194/en/TriState-Capital-Updates-Chartwell-Investment-Partners-Business