DES MOINES, Iowa (AP) ¿ West Bancorporation Inc. said Friday it agreed to sell its asset-management business, which has more than $4.6 billion in assets under management and 24 employees in West Des Moines.
Miles Capital Holdings Inc., a West Des Moines asset-management firm, acquired WB Capital Management Inc. for an undisclosed sum. The transaction is expected to close by Dec. 31, pending certain approvals.
David Miles, managing director of Miles Capital, was named president and CEO of WB Capital, effective immediately. Miles acquired a controlling interest in 1991 in a predecessor company that later became WB Capital, according to a statement from the company.
WB Capital has been operating under an interim CEO since January, when Scott Eltjes resigned.
Douglas Gulling, the chief financial officer for West Bancorporation and a director and treasurer of WB Capital, was appointed interim CEO then. He remains as finance chief of the corporation.
The firm will manage cash, fixed-income and equity portfolios for institutions, government agencies, insurance companies, banks, retirement plans, corporations, foundations, endowments and individual investors. It will continue to manage investments for West Bank's trust department clients, as well as the bank's bond portfolio.