The parent company of Haverford Trust Co., a Radnor money manager, bought rival investment firm McCabe Capital Managers Ltd., of King of Prussia, for an undisclosed amount.
The combined firms have $8 billion under management, said Haverford's owner, Drexel Morgan & Co. McCabe Capital, which will operate as a division of Drexel Morgan, was founded in 1982 by James L. McCabe and has $1.77 billion under management, Drexel Morgan said.
Haverford Trust Co. was founded by its controlling shareholder, George W. Connell, in 1979. Drexel Morgan became a bank holding company in February as part of a reorganization of Haverford Trust. - Harold Brubaker