The principals at Marquette Asset Management have purchased the Minneapolis-based wealth manager from UMB Financial of Kansas City, Mo.
Terms were not disclosed.
Marquette Asset was sold to UMB in 2015 as part of the sale of the last of the Pohlad family banking business.
“With this ownership change, we return to our roots as a boutique wealth management firm that’s privately held and locally owned,” said Marquette Asset President Chris Vernier.
Vernier is one of three principals who now own Marquette Asset, along with managing directors Robert Rubenstein and Jean Gullikson. All three have been with MAM from its inception.
MAM, with nearly $1 billion in client assets under administration, serves125 high-net-worth individuals and families, as well as foundation, endowment and institutional clients.
The firm was founded in 2005 as part of Marquette Financial.
The late Carl Pohlad, who build the Marquette Bank chain after World War II, sold some Marquette assets for $230 million in 1992 to what is now U.S. Bancorp. And Pohlad, who retained the Marquette Bank name, sold much of the remainder of Marquette to Wells Fargo for about $1 billion in 2002.
The family sold the remaining properties to UMB.