CHAMPAIGN – The auction and real estate arms of the Westchester Group have gotten a new identity as the result of a change in ownership.
Westchester Auctions and Westchester Real Estate are now known as Murray Wise Associates, named for the man who founded Westchester Group in 1986.
Additionally, Westchester Capital Advisors has been renamed Murray Wise Capital and will operate as a wholly owned subsidiary of Murray Wise Associates.
Nearly a month ago, Teachers Insurance and Annuity Associations of America – known as TIAA – purchased a majority interest in the global investment division of Westchester, now known as Westchester Group Investment Management.
While that firm continues to focus on global asset management for institutional investors, Murray Wise Associates will continue to function as a land auction and farm real estate company.
It will conduct farm, ranch, timber and recreation land auctions and provide real estate and farm management services for clients in 10 Midwestern states.
Meanwhile, Murray Wise Capital will offer investment banking and strategic advisory services to global agribusinesses. It will provide advice on mergers and acquisitions, capital raising, restructuring and valuation.
Both Murray Wise Associates and Murray Wise Capital will remain headquartered in Champaign and will continue to operate offices in Colorado, Florida and Iowa. Those two companies will be led by Murray Wise and Ken Nofziger.
Randall Pope will serve as president and chief executive officer of Westchester Group Investment Management – the Champaign-based company in which TIAA has taken a majority interest. He and Wise will serve on its board of directors.