Chesapeake Asset Management acquires Cherry Lane Capital

Chesapeake Asset Management LLC acquired Cherry Lane Capital LLC, a registered investment adviser specializing in investment management and financial and retirement planning, with offices in New York City and Boca Raton, Fla.

Terms of the transaction were not disclosed.

Chesapeake Asset Management purchased the remaining shares of Cherry Lane Capital, effective April 5, following its initial investment in 2020.

The acquisition will expand the firm's reach in retail wealth management.

Cherry Lane Capital co-founders Jesse Christensen and Ryan Berman, who left Morgan Stanley in 2017 to launch Cherry Lane, will join Chesapeake Asset Management as partners to lead the registered investment adviser's newly established wealth management division.