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NAPLES — A New York-based credit protection and financial insurance firm, Assured Guaranty Municipal Corp., has made a minority investment in Wasmer, Schroeder & Co., a Naples-based investment advisory firm.
Terms of the investment weren't disclosed.
Wasmer, Schroeder & Co. serves high net worth individuals, wealth management groups and institutional investors. It's grown from a small boutique firm with one office in Naples to a multi-office, national organization with about $8 billion under management and clients in all 50 states, according to a statement. Founded in 1987, the firm is particularly well regarded for its skilled investment in municipal bonds.
Assured Guaranty Municipal's investment in Wasmer, Schroeder capitalizes on core competencies of both companies, such as municipal credit analysis and strong industry relationships, the release states. Assured Guaranty Municipal Corp is a subsidiary of Assured Guaranty Ltd, a publicly traded firm.
“This transaction expands the depth of WSC's credit capabilities as well as WSC's footprint in the institutional/insurance sector with a $100 million initial commitment to WSC for a managed account of Assured Guaranty,” Wasmer, Schroeder CEO Martin Wasmer says in the release.
The transaction closed Sept. 1.
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