BOK Financial in Tulsa, Okla., has acquired the Milestone Group, a boutique investment firm in Denver that caters to high-net-worth families in Colorado and Nebraska.
The $26 billion-asset BOK says the acquisition would strengthen its presence in the Denver area, where it also operates the Colorado Bank and Trust Co. Milestone, founded in 1996, has roughly $1.3 billion of wealth assets under management.
BOK is the parent of BOKF, a national bank that operates separately branded banks in seven states, including Bank of Oklahoma, Bank of Texas and Bank of Arizona. Like many banks, it is looking to add more wealth management products and services in an effort to generate more fee-based income.
"BOK Financial is actively pursuing acquisitions that allow us to continue our growth trajectory, while delivering a comprehensive investment suite to our clients," Steve Bradshaw, BOK Financial's senior executive vice president, said in a news release Sunday.
Terms of the acquisition were not disclosed. Milestone's advisors and management team, including its founders Eric Koeplin and Robert Adams, will remain intact, BOK said.
