Clearly, New York lives up to its action-y name, and translates all the way to private equity firms with an eye for asset managers.

Lovell Minnick Partners, a Philadelphia- and Los Angeles-based private equity firm that has raised $1.7 billion thus far in committed capital, has made their way to New York, and is expanding their presence.

Steve Pierson, president of Lovell Minnick, is already based in New York City, he tells MFWire, as are many banks and potential Lovell Minnick investment targets. So he and his team already spend a lot of time in the Big Apple.

"Our investment professionals are frequently in and out of New York, where there is a high concentration of financial services businesses," Pierson says, "and there are a good deal of talented professionals here that aren't interested in relocation."

"If you look at our Philadelphia calendar, the majority of our meetings are in New York," Pierson adds. "The talent is here, and there is so much room to grow."

In fact, Lovell Minnick has recently hired a junior member and a head of investor relations in New York for their NY office.

This expansion comes as the PE firm is hunting for more deals. Lovell has four funds, and their fourth has committed roughly 55 percent of the fourth fund since it raised the $750 million fund in November 2015. Their plan is to have 14-16 total investments for the fund.

This is also good news for the asset management industry, since Lovell Minnick has shown historical interest here, and is always looking for new opportunities.

"It's where I come from, and we know it [the asset management industry] incredibly well," says Pierson.

Most recently in February 2017, Lovell Minnick invested in Trea Asset Management, a fund firm located in Spain, and Foreside. Back in 2014, they invested in 361 Capital, a liquid alts manager.

In addition to asset managers, Lovell Minnick also invests in financial planning, financial product distribution, and specialty finance, and they're interested in the fintech, REITS, and insurance distribution sectors.  

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