Royce & Associates acquired Wyper Capital Management. Financial terms of the deal were not made public.

The merger of the two firms, both Manhattan-based, took effect April 1, Royce managing director Jack Fockler confirmed to The MFWire.

Royce hired George Wyper, previously with Wyper Capital Management, as portfolio manager and managing director effective April 1. Royce also brought on board six other Wyper employees, including Todd Neufeld, who served as Wyper Capital Management's chief operating officer.

"We have had a long-term friendship with George and have long admired his small-cap and global investment experience and felt like he would be a great fit for our firm as both an investment professional and business leader," Fockler wrote in e-mailed comments to The MFWire.

Other new additions to Royce's investment team include analysts Dilip Badlani and Meena Mallipeddi. The hirings raise the number of investment professionals at Royce to 37.

In addition, Royce hired client service specialist Lisa Hecht, as well as Elizabeth Winslow and Kimberly DeLeon.

Asked which fund Wyper will be managing, Fockler wrote: "Initially George will only be managing those assets that he brought with him. At some point he may well assume portfolio management responsibility as either a lead or co-manager for a Royce Fund."

"There is no timetable established for when this will take place," Fockler added.  

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