Duff & Phelps, LLC management and investment banking boutique Stone Ridge Partners, in partnership with an investor group led by Lovell Minnick Partners, announced today that they have acquired Duff & Phelps from Webster Financial Corporation (NYSE: WBS). Terms of the transaction were not disclosed. As part of the transaction, Stone Ridge Partners will be merged into Duff & Phelps and the investor group led by Lovell Minnick Partners will contribute significant growth capital to expand the business. Duff & Phelps will continue to provide corporate valuations, financial opinions, merger & acquisition advisory and private capital raising services.

The executive management team will be led by Stone Ridge founder Noah Gottdiener, who has been named Chief Executive Officer of Duff & Phelps, and Chester ("Chet") Gougis, who will continue as President. The rest of the Duff & Phelps senior management team will remain in place. Mr. Gottdiener brings over 20 years of investment banking origination, execution and management experience. Prior to founding Stone Ridge, Mr. Gottdiener was a Partner of Thomas Weisel Partners and Furman Selz LLC and Managing Director at Lehman Brothers, where he began his career. Chet Gougis joined Duff & Phelps in 1979 and has been instrumental in its evolution into today's national platform. Mr. Gougis will oversee the company's financial advisory and valuation business and its existing private equity initiatives.

Lovell Minnick Partners LLC is an independent company providing growth capital to developing companies in the global financial services industry. Lovell Minnick Partners manages partnerships totaling more than $150 million for qualified private and institutional investors, with a particular focus on investment management, securities brokerage, financial product distribution, and financial technology. Portfolio companies manage in excess of $30 billion of assets for institutions, high-net-worth families and mutual fund clients. Institutions investing through Lovell Minnick Partners and its predecessor include AEGON U.S.A. Inc., AXA S.A., CDP Capital, GE Financial Assurance and Nuveen Investments.