The Wilmington-based WSFS Financial Corp. has entered Philadelphia with the acquisition of West Capital Management and a strategy to grow its fee-based business, writes Jeff Blumenthal for the Philadelphia Business Journal.

West Capital has a team of 17 employees and adds roughly $700 million in assets under management, giving WSFS roughly $1.2 billion.

This is the second wealth management firm WSFS has acquired in the past three months. It acquired Wilmington-based Powdermill Financial Solutions in August.

Both additions advance the WSFS’s strategic plan is to increase its fee-based businesses (non-interest income) from 32 percent of total income to 40 percent by the end of 2018. The focus of that will be its wealth management business.

WSFS first entered southeastern Pennsylvania organically by opening branches in Delaware and Chester counties in 2010 and 2011. It paid $92 million last year for Broomall-based Alliance Bancorp and closed its $101 million acquisition of Devon-based Penn Liberty Bank in August — giving the bank a 29-branch presence in Chester, Delaware, and Montgomery counties.

Click here to read more about WSFS’s increasing regional presence in the Philadelphia Business Journal.