NEW YORK, April 11, 2022 /PRNewswire/ — Chesapeake Asset Management (CAM), an SEC-registered private equity adviser founded in 1998, today announced that it has acquired Cherry Lane Capital, LLC. Terms of the transaction were not disclosed.
Cherry Lane Capital is a registered investment adviser (RIA) with offices in New York City and Boca Raton specializing in investment management and financial and retirement planning. After an initial investment in 2020, CAM will purchase the remaining shares of Cherry Lane Capital, effective April 5and2022.
CAM serves as a long-term strategic partner for families, endowments and foundations, offering a complete investment solution that combines direct investment in public markets with the allocation of capital to a limited number of external managers. . The company’s decades-long experience in alternative asset classes is a particular point of differentiation. The acquisition of Cherry Lane Capital expands the company’s reach into the retail wealth management arena. Cherry Alley co-founders jesse christensen and Ryan Berman will join Chesapeake as a partner to lead the firm’s new wealth management division.
Chesapeake Managing Member Gerasimos Efthimiatos notes: “Cherry Alley has experienced impressive growth since its inception and over the past two years I have seen firsthand how Jesse and Ryan run their business, their commitment to their clients and their investment philosophy which emphasizes creating long-term wealth. I look forward to working with them as we build an investment company with a comprehensive offering that meets our clients’ investment and financial planning needs.”
jesse christensen and Ryan Berman left Morgan Stanley in 2017 to start Cherry Lane Capital. Christensen added, “Chesapeake’s heritage speaks for itself and we are honored to be part of the company’s next chapter. Above all, we are excited for our customers who will greatly benefit from the enhanced resources and intellectual capital embedded in our new business.”
SOURCE Chesapeake Asset Management, LLC