Transactions
While at UAM and since forming Colchester, we have completed over 100 transactions with an aggregate transaction value approaching $4 billion with a variety of investment management firms, including mergers, acquisitions, divestitures and management buy-outs.We also have extensive experience in structuring and restructuring the ownership and governance of investment management organizations, including the development and execution of plans that provide equity and other incentives to key professionals.
Below is a sampling of some of our recent engagements. (NOTE: This is not a comprehensive list, as it is common for buyers and/or sellers to request confidentiality regarding their transactions.)
| Date | Seller | Buyer | Description |
| Nov 2011 | Parish Capital Advisors, LLP | StepStone Group | Advised Parish Capital Advisors on the sale of the business to StepStone Group. Parish Capital Advisors is a fund of private equity funds manager with $2 billion of AUM at the announcement of the transaction. StepStone Group is a global private equity specialist overseeing more than $40 billion of private equity allocations, including over $7.5 billion of AUM. |
| Sep 2011 | Citizens-Union Savings Bank | Dedham Institution for Savings | Advised both parties in connection with Citizens-Union Savings Bank’s sale of a minority interest in Plimoth Investment Advisors to Dedham Institution for Savings. Plimoth manages approximately $300 million in diversified equity and fixed income portfolios for high net worth individuals and a few select institutions. |
| Sep 2011 | The Colony Group, LLC | Focus Financial Services | Advised The Colony Group on the sale of the firm to Focus Financial Partners. The Colony Group is a wealth management firm that manages $1.3 billion for high net worth and institutional clients. Focus Financial is a leading international partnership of independent, fiduciary wealth management firms with over $45 billion in AUM. |
| May 2011 | Institutional Shareholder | Strategic Equity Partner | Advised Boston Advisors in connection with a recapitalization of the firm. The recapitalization involved raising capital from a strategic equity partner which allowed the firm to buy out the debt and equity positions of an outside institutional shareholder. Boston Advisors manages $1.8 billion in equity assets for individual and institutional investors. |
| Apr 2011 | Legato/California Public Employee Retirement System (MDP II Program) North Carolina Mutual Insurance Co. |
Piedmont Investment Advisors, LLC | Advised Piedmont in raising capital from a strategic equity partner to buy the interests owned by its outside shareholders: a CalPERS joint venture with Legato Capital Management and North Carolina Mutual Insurance Co. Following the transaction, the firm is 70% owned by Piedmont employees. Piedmont manages $3.4 billion in equity and fixed income portfolios primarily for institutions. |
| Apr 2011 | Strategic Investment Group/California Public Employees Retirement System (MDP I Program) | LM Capital Group, LLC | Advised LM Capital on the repurchase of a 35% interest in the firm from a CalPERS joint venture with Strategic Investment Group. Following the transaction, LM Capital
is 100% employee owned. The firm manages $4.7 billion in fixed income strategies for institutional clients. |
| Mar 2011 | Wells Capital Management’s Global Strategic Products Group | Golden Capital Management, LLC | Advised Golden Capital on its announced acquisition of the Global Strategic Products Group from Wells Capital Management. As part of the transaction, Wells Fargo will increase its ownership stake in Golden Capital to more than 50%. Golden Capital manages more than $3 billion in enhanced equity strategies for institutional and managed account clients. The GSP Group manages approximately $8 billion in institutional and mutual fund assets. |
| Jan 2011 | Shenandoah Asset Management, LLC | Piedmont Investment Advisors, LLC | Advised both parties on Piedmont’s acquisition of Shenandoah, an institutional, quantitative manager of mid-cap core and large cap value investment products. Piedmont manages more than $3.4 billion in equity and fixed income portfolios for institutions. |
| Nov 2010 | Integrity Asset Management, LLC | Munder Capital Management | Advised Integrity on the sale of the firm to Munder. Integrity manages more than $3 billion of value-oriented equities for a diverse group of institutional clients. Munder manages more than $14 billion for institutional and retail clients primarily in domestic growth equities, international equities and fixed income. |
| Nov 2010 | Optique Capital Management, Inc | MFC Global Investment Management (US) | Advised Optique on the sale of the firm to MFC Global. The transaction includes the proposed reorganization of the Optique International Value Fund (OPIEX) into the John Hancock Funds III family of funds. Optique manages approximately $800 million in value-oriented equity and fixed-income portfolios for institutions and high-net-worth individuals. MFC Global is the asset management arm of Manulife Financial Corporation, a global leader in wealth management services. |
| Mar 2010 | Prelude Asset Management LLC | Congress Asset Management | Advised both parties on Congress’s acquisition of Prelude, a $1.2 billion fixed income firm. Congress manages more than $5 billion in diversified equity and fixed income portfolios for institutions and high net worth individuals. The combined firm will have $6.4 billion in assets under management and will remain privately-held. |
| Jan 2010 | River Road Asset Management, LLC | Aviva Investors | Advised River Road on the sale of the firm to AVIVA Investors, the global asset management business of Aviva plc (AV). River Road is an institutional investment management firm that manages approximately $3.6 billion of assets for clients in Small Cap Value, Small-Mid Cap Value, Dividend All Cap Value and Select Equity products. |
| Dec 2009 | Fiduciary Management Associates | John Hancock Funds | Advised Fiduciary Management Associates (“FMA”) in connection with the adoption of the FMA Small Company Portfolio by John Hancock Funds. FMA manages approximately $1.4 billion for institutional clients in a variety of equity and fixed income strategies. |
| June 2009 | Integra Capital Management | Bank of Montreal | Advised Integra on the sale of its defined contribution recordkeeping business to Bank of Montreal. Integra Capital Management is a Canadian investment management firm that offers a variety of pooled investment funds, absolute return strategies and private client services to institutional and high-net-worth clients. |
| June 2009 | Tortoise Capital Advisors LLC | Mariner Holdings LLC | Advised Tortoise Capital Advisors in connection with the acquisition by Mariner Holdings LLC and management of all the ownership interests in Tortoise. Tortoise managed approximately $2 billion in closed end funds and separately managed accounts focused on MLPs in the energy sector. |
| May 2009 | CypressTree Investment Management, LLP | Primus Asset Management, Inc. | Advised the management team in connection with the sale of the firm to Primus Asset Management, Inc., a wholly-owned subsidiary of Primus Guaranty, Ltd. CypressTree manages approximately $2.4 billion in leveraged loans and high yield bonds in a variety of investment products. |
| Mar 2009 | Advanced Investment Partners, LLC / State Street Global Alliance, LLC | Wayne Hummer Asset Management Co. | Advised the management of Advanced Investment Partners LLC ("AIP"), an affiliate of State Street Global Alliance, LLC, in connection with Wayne Hummer Asset Management Company’s ("Whamco") purchase of certain assets and assumption of certain liabilities of AIP. The senior management of AIP will increase their minority ownership interest in the business. AIP manages approximately $550 million in active quantitative U.S. equity strategies for both institutional and private clients. Whamco is an affiliate of Wintrust Financial Corporation. |
| Feb 2009 | Freeman Associates Investment Management, LLC / Investment Science Corporation | Freeman Investment Management Co. | Advised Freeman Associates on its merger with ISC into a new investment management entity known as Freeman Investment Management Co. Freeman Associates managed approximately $1 billion in quantitative strategies at the time of transaction announcement. |
| Jan 2009 | O’Brien Management, LLC | N/A | Advised O’Brien Management on restructuring the firm’s equity ownership with the objective of facilitating the transfer of equity interests among employees while maintaining the firm’s independence. This also involved advice on the firm’s succession plans, internal governance matters and financing arrangements. O’Brien manages more than $230 million on behalf of high-net-worth clients. |
| Nov 2008 | Fortis Bank SA/NV | River Road Asset Management, LLC | Advised River Road on both (i) the acquisition of the 45% minority interest held by Fortis Bank and (ii) the financing for the transaction by Asset Management Finance. We also advised River Road on the structure of the firm’s equity ownership and internal governance arrangements. River Road is an institutional investment management firm that manages approximately $3 billion of assets for clients in Small Cap Value, Small-Mid Cap Value and Dividend All Cap Value products. |
| Jul 2008 | Utendahl Capital Management |
Private Individual | Advised a new investor in valuing two investment management entities and assisted in structuring a debt and equity investment in the $2.6 billion fixed income manager. |
| Jun 2008 | N/A | Progress Investment Management | Advised Progress management on the repurchase of a minority interest in the firm from a passive outside shareholder. Progress, now 100% employee-owned, manages $6 billion in emerging manager-of-manager portfolios for institutional clients. |
| Apr 2008 | ING Ghent | Rogge Global Partners | Advised Rogge on its acquisition of ING Ghent. Ghent was a stand-alone subsidiary of ING Investment Management Americas. It manages approximately $1.7 billion in high-yield fixed-income assets for primarily institutional clients. Rogge manages more than $37 billion in global fixed-income strategies for institutional clients. |
| Jan 2008 | Hamlin Capital Management | N/A | Advised Hamlin on its equity structure, internal governance and financial arrangements, with the objective of facilitating the transfer of equity interests among employees while maintaining the firm’s independence. Hamlin manages more than $700 million in equity and fixed-income strategies for institutional and high-net- worth clients. |
| Nov 2007 | Ariel Capital Management | N/A | Advised Ariel on the structure of its existing equity plan and on related internal governance and financial arrangements. Ariel manages more than $13 billion in value equity strategies for institutional and mutual fund clients. |
| Nov 2007 | Acadian Asset Management | N/A | Advised the management team on an ownership restructuring with its parent, Old Mutual (US) Holdings, and on the management team’s internal economic arrangement. Acadian manages more than $80 billion in global quantitative equity strategies for institutional clients. |
| Nov 2007 | Wall Street Associates | N/A | Advised the management team on an ownership restructuring with the objective of providing equity participation to the firm’s second generation while maintaining the firm’s independence. Wall Street manages approximately $2 billion in growth equities for institutional and private clients. |
| Oct 2007 | Grosvenor Capital Management | Hellman & Friedman | Advised the management team in connection with the sale of a minority interest to Hellman & Friedman. The sale provided liquidity for a minority stake held by Value Asset Management. Grosvenor, one of the largest fund of hedge funds managers in the world, manages $24 billion in assets primarily for institutional clients. |
| Oct 2007 | Aronson+Johnson+Ortiz | N/A | Advised AJO on a variety of internal ownership and valuation matters. AJO manages more than $24 billion in value equities for institutional clients. |
| Sept 2007 | Rigel Capital | Asset Management Finance | Advised Rigel in connection with securing financing from AMF to provide liquidity to certain of the firm’s equity owners. Rigel manages over $2 billion in growth equities for institutional and high-net-worth clients. |
| Jul 2007 | O'Connell Investment Services | Rockland Trust Co. | Advised O’Connell in connection with its sale to Rockland Trust Company. O’Connell manages more than $200 million in client assets. |
| Apr 2007 | ABN AMRO | Tamro Capital Partners | Advised ABN AMRO on the sale of one of its U.S. subsidiaries, Tamro Capital Partners, to a group that consisted of the management team, a private equity firm, Northern Lights Ventures, and a marketing firm, Stellate Partners. Also, advised the management team with the formation, equity structure and internal governance arrangements of the new management entity. Tamro manages $750 million of small –cap core strategies for institutional and individual investors. |
| Mar 2007 | Integra Capital | ScotiaBank | Advised Integra Capital on the sale of its high-net-worth business to Scotia Bank as well as on various strategic growth initiatives. Based in Toronto, Integra manages C$3.5 billion for institutional clients. |
| Mar 2007 | Piedmont Investment Advisors | CalPERS | Advised Piedmont in raising equity capital. CalPERS provided this capital, in addition to investment capital of $100 million for one of Piedmont’s products, through their Manager Development Program (MDP II). Piedmont manages approximately $2 billion in a variety of quantitative and risk-management strategies on behalf of primarily institutional investors. |
| Feb 2007 | Vertical Capital | N/A | Advised the management team on restructuring the firm’s equity ownership, as well as on its internal governance mechanisms and compensation guidelines. Vertical manages more than $10 billion in structured-finance securities. |
| Sep 2006 | Old Mutual (US) Holdings | First Pacific Advisors | Advised the management team on a transaction that resulted in certain assets of the firm being transferred from a subsidiary of Old Mutual to a LLC owned and controlled by the management team members. First Pacific Advisors manages more than $9 billion in primarily small/mid-cap, value-oriented equities for mutual funds and institutional accounts. |
| Jul 2006 | Utendahl Capital Mgmt | Parish Capital Advisors | Advised the management team on a recapitalization that involved restructuring the firm’s ownership and raising capital from Parish Capital Advisors. Utendahl is a minority-owned firm that manages more than $2.5 billion in fixed-income securities for institutions. |
| Jun 2006 | Kaspick & Company | TIAA-CREF | Advised TIAA-CREF on its acquisition of Kaspick. Kaspick manages more than $3 billion in planned gift and other assets for colleges, universities and other not-for-profit organizations. |
| May 2006 | Opus Capital Management | Asset Management Finance | Advised Opus in connection with an investment by AMF. We also provided Opus with advice on succession planning and restructuring the firm’s equity ownership and internal governance arrangements. Opus is a small-cap value manager with approximately $1.5 billion in assets under management. |
| Jan 2006 | CalPERS | Rigel Capital | Advised Rigel management on the repurchase of a portion of a minority interest held by an outside investor, CalPERS, and on the equity structure for the retained majority interest. Rigel manages over $2 billion in growth strategies for institutional and high-net-worth clients. |
| Dec 2005 | Salem Capital Management | N/A | Advised Salem Capital on a variety of succession issues and on a partner buyout that maintained the firm’s independence. Salem Capital manages more that $400 million for high-net-worth clients. |
| Dec 2005 | Freeman Associates | N/A | Advised Freeman on its equity structure, internal governance and financing arrangements, with the objective of facilitating the transfer of equity interests among employees while maintaining the firm’s independence. Freeman manages approximately $4 billion in a variety of traditional and alternative quantitative strategies for institutions. |
| Oct 2005 | Golden Capital Management | Wachovia (Evergreen Investments) | Advised the management team on Evergreen Investments’ acquisition of a substantial minority interest held by CalPERS, an outside investor. Golden Capital manages approximately $2.1 billion in enhanced strategies for both institutional and high–net-worth clients. |
| Sep 2005 | Sands Capital Management | N/A | Advised Sands Capital on restructuring the firm’s equity ownership with the objective of facilitating the transfer of equity interests among employees while maintaining the firm’s independence. This also involved advice on the firm’s succession plans, internal governance matters and financing arrangements. Sands Capital manages more than $20 billion in large-cap growth strategies for institutional and high-net-worth clients. |
| Aug 2005 | Jensen Investment Management | N/A | Advised Jensen on restructuring the firm’s equity ownership with the objective of facilitating the transfer of equity interests among employees while maintaining the firm’s independence. This also involved advice on the firm’s succession plans, internal governance matters and financing arrangements. Jensen manages approximately $3 billion of institutional, high-net-worth and retail assets. |
| Aug 2005 | Old Mutual (US) Holdings | Integra Capital | Advised the management team on the acquisition of the high-net-worth and institutional asset management businesses, Integra Capital and Integra Private Investment Management, respectively, from Old Mutual, as well as on the formation, equity structure, and governance provisions of the two new management-owned entities. Integra manages $2.8 billion for institutional and high-net-worth clients. |
| Dec 2004 | KLS Advisors | Boston Private Financial Holdings | Advised Boston Private on the identification and acquisition of a New York-based wealth manager. Boston Private successfully completed the acquisition of KLS Professional Advisors, a wealth management firm with $3 billion under management. |
| Oct 2004 | Refco Group Ltd and Schroders Investment Management | ForstmannLeff Associates (FLA) | Advised the management team on a new economic relationship with its parent, Refco, a privately-held financial services company, and on the acquisition of a small-cap equity team from Schroders Investment Management. At the time of the deal, FLA managed approximately $4.5 billion in a variety of equity strategies for institutions, WRAP sponsors and high-net-worth clients. |
| Apr 2004 | Bank of America Corp (Columbia Mgmt Group) | Progress Investment Management | Advised Progress on the management-led buyout of the firm from Columbia Management, a subsidiary of Bank of America, as well as on the formation, equity structure and governance provisions of the new management LLC. Progress, one of the largest manager-of-emerging-manager investment firms, is a minority-owned firm with approximately $3.8 billion under management for institutional clients. |
| Mar 2004 | PNC Financial | Hawthorn/Veritable | Consulted with Hawthorn and PNC Financial regarding strategic alternatives and operating relationships for the Hawthorn business. Following the decision by PNC to divest of the Hawthorn wealth consulting business, we assisted the Hawthorn management team with the purchase of the business, which had more than $6 billion in assets at the time, as well as on the formation, equity structure and internal governance arrangements of the new investment advisory entity, Veritable, LP. Veritable is a wealth management firm with over $7 billion in assets under management for high-net-worth clients. |
| Feb 2004 | Value Asset Management | Grosvenor Capital | Advised the management team of Grosvenor on an ownership restructuring with their former majority owner and on the management team’s internal economic arrangement. Grosvenor, one of the largest fund-of-hedge-funds managers in the world, manages $13 billion in assets for both institutional and individual investors located in North America, Asia and Europe. |
| Dec 2003 | Dresdner Bank | EIF | Advised management on a MBO from Dresdner Bank and consulted on the formulation and structure of a new management entity. EIF is a private equity fund manager dedicated exclusively to the independent power and electric utility industry. Through its funds, EIF manages diversified investments with an aggregate underlying asset value of $5 billion. |
| Nov 2003 | Rigel Capital | CalPERS | Advised Rigel management on the sale of a minority interest in the firm to CalPERS and on the structure and equity participation of the retained majority. Rigel manages over $2 billion in growth equities for institutional and high-net-worth clients. |
| Oct 2003 | N/A | Golden Capital Management | Advised Golden management on the repurchase of a minority stake held by a venture capital partner. Golden manages over $1 billion in large-cap equities for institutional and high-net worth-clients. |
