St. Paul-based asset management firm Advantus Capital Management announced that it recently purchased all the client accounts of Bloomington-based NorthShore Advisors, an asset management firm with $300 million under management.
 
Advantus, which has $29 billion under management, said it bought NorthShore’s assets on May 1 for an undisclosed sum.

“This acquisition adds several key local client relationships, including government operating portfolios, and expands our investment strategy expertise,” Advantus President Chris Sebald said in a statement. “NorthShore is a fundamental investor, and their philosophy is very well-aligned with Advantus.”

NorthShore Advisors consisted of two-full time employees, both of whom were principals in the firm. One of them, Jane Wyatt, will be joining Advantus as a client portfolio manager, while the other is retiring.

“Advantus provides a great cultural fit for NorthShore’s clients,” Wyatt said in a statement. “I will be able to deliver a broader set of capabilities while knowing my clients will continue to receive the excellent service they’ve come to expect.”

Advantus is a subsidiary of St. Paul-based Securian Financial Group, one of Minnesota’s largest asset management firms. Twin Cities Business recently profiled four top executives at Securian regarding its supportive and flexible environment for female employees.