Miles Capital Holdings, an Iowa-based independent asset management firm and West Bancorporation, have signed an agreement to acquire WB Capital Management, a wholly-owned subsidiary of West Bancorporation.
Reportedly, WB Capital currently has more than $4.6 billion assets under management. Moreover, the firm will continue to manage investments for West Bank’s trust department clients, as well as the bank’s bond portfolio.
David Miles, managing director of Miles Capital Holdings, said: “We are delighted to have this opportunity to once again serve the asset management needs of public agencies, insurance companies, banks and private individuals – many of whom have been clients of WB Capital and its predecessor companies for many years.”
Jack Wahlig, chairman of West Bancorporation, said: “We have great respect for David Miles and are delighted that our company and our state will benefit from having an independent asset management company headquartered in Iowa. To facilitate the transition, David Miles has been named president and chief executive officer of WB Capital, effective immediately.”
