Grove Creek Asset Management, based in Jacksonville, Florida, has acquired Estabrook Capital Management from the Bank of New York. The combined entity will be headquartered in Jacksonville and operate as Estabrook Capital Management LLC with approximately $3 billion of assets under management. Grove Creek chairman Charles Foley and president Lewis Lee will serve in the same positions in the newly merged organisation. Mr Foley has a long history with Estabrook, originally founded as a brokerage firm in Boston in 1857. When Estabrook was sold to Bank of New York in 1999, the principals of Grove Creek were the majority shareholders of Estabrook.