Magazine article American Banker

J. Bush to Become Unit of Riggs National in D.C

Magazine article American Banker

J. Bush to Become Unit of Riggs National in D.C

Article excerpt

His older brother George may have taken a political road to Washington, but Jonathan Bush is riding his investment talents to the nation's capital.

This week, Mr. Bush sold his firm, investment adviser J. Bush & Co., to Riggs National Corp., Washington.

Although terms of the deal were not disclosed, investment bankers estimated that Riggs paid $5.5 million for the New Haven- based firm, which has $275 million under management.

Like politics, finance runs in Mr. Bush's family. His father, Prescott Sheldon Bush, was a managing partner of Brown Brothers Harriman & Co.

Before starting his own company in 1970, Jonathan Bush worked for 10 years at his uncle's brokerage, G.H. Walker & Co.

That background made Mr. Bush and his company an attractive target for Riggs, said Timothy A. Lex, head of Riggs & Co., the bank's private banking arm.

Riggs National bought J. Bush to augment the investments it offers through Mr. Lex's unit, which manages $3 billion in personal trust accounts. Overall, Riggs National manages $5 billion of assets and has $10 billion under administration.

The acquisition "provides complementary investments and an excellent customer service culture," Mr. Lex said. J. Bush is keen on growth equity, while the bank's investment adviser focuses on value stocks.

J. Bush invests not only for well-to-do families but on behalf of Brown Group Inc., J.M. Smucker Co., Rite Aid Corp., and the Knights of Columbus. …

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