Chicago firmStar-Bulletin staff
purchases majority stake
Convergent Capital Management Inc. of Chicago has taken a majority interest in Hawaii-based investment counseling firm Cadinha & Co. LLC.
Terms of the agreement, finalized on June 22, were not disclosed but the deal makes Cadinha an affiliate of the mainland money management company. CCM's now has 12 affiliates with more than $12 billion in assets under management.
"CCM has a majority interest in the company, the remainder of which is owned by the management team at Cadinha," said Jon C. Hunt, CCM Chief Operations Officer.
CEO and President Harlan Cadinha retains management of the local company, according to Brad Totherow, Cadinha's chief investment officer. Affiliation with CCM "allows us to purchase technology and other services," said Totherow. In addition to Cadinha, CCM has 10 affiliates on the mainland and one in Bermuda.