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Transactions

While at UAM and since forming Colchester, we have completed over 100 transactions with an aggregate transaction value approaching $4.0 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.  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
             
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 $2.0B 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 $3.0 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 $3.0 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 $2.0 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 $1.0 billion in large-cap equities for institutional and high-net worth-clients.

 

 

 
 

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