Investment Management Mergers & Acquisitions

Overview

OUR Practice
Stradley Ronon has extensive experience representing investment advisory firms, securities brokerage firms and other financial services institutions in connection with mergers and acquisitions, dispositions, fund adoptions, joint ventures, and investments. Our strength stems from the firm’s investment management practice – recognized as one of the premier investment management practices in the United States – which represents some of the largest investment companies in the country, investment advisers, broker-dealers, hedge fund sponsors, private equity firms, managers, administrators, underwriters/ distributors and other firms involved in the financial services industry.

YOUR Issues
You need attorneys who speak the language of the financial services industry, who have specific experience in investment management transactions, and who are intimately familiar with the complex and ever-changing legal system governing the financial services industry. You need attorneys who are practical, results-oriented, efficient and reasonable. But you also have needs that are unique to your situation, and require attorneys who will listen to your specific areas of concern and develop a plan of representation accordingly. We recognize and understand these needs and have carefully developed a team of attorneys who will meet them.

OUR Experience
Our integrated team of corporate and investment management attorneys has a comprehensive understanding of registered funds, private funds, investment advisers, broker-dealers, insurance companies and other financial services institutions. We are on the cutting edge of developments relating to the complex regulatory issues our clients face. And we staff our team with attorneys who not only have an in-depth knowledge of the issues, but also work closely with clients to achieve their goals.

More specifically, we have served as corporate and regulatory counsel on acquisitions and dispositions of investment advisers, represented boards of directors of registered funds, provided counsel on mutual fund adoptions and mergers of registered funds, and provided advice to investment advisers engaging in their first M&A transaction, as well as to those who have done many. Our team works collaboratively – and efficiently – with lawyers from our partnering practices, including tax, employment, executive compensation, ERISA, intellectual property and finance, to ensure that all appropriate areas of concern are covered.

OUR Services
Stradley Ronon’s investment management M&A lawyers handle a broad range of transactions, including: 

  • adoptions and mergers of registered funds
  • adviser acquisitions 
  • adviser dispositions 
  • joint ventures 
  • investment team lift outs
  • investments
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Results

Results

Representative Matters

Our investment management M&A lawyers take great pride in having executed numerous investment management M&A transactions, including the representation of*:

  • Lovell Minnick Partners in its majority investment in CenterSquare Investment Management, a global investment manager with approximately $9 billion in assets under management in connection with the acquisition by Lovell Minnick Partners and CenterSquare’s management of CenterSquare’s business from BNY Mellon Investment Management
  • UMB Financial Corporation and its institutional investment management subsidiary, Scout Investments, in the sale of Scout Investments, with approximately $27.3 billion in assets under management, to Carillon Tower Advisors, a unit of Raymond James Financial
  • Pacific Life Insurance Company and its subsidiary, Pacific Global Advisors, a registered investment adviser, in the sale of Pacific Global Advisors’ solutions business, with total assets under supervision of over $18 billion, to Goldman Sachs Asset Management
  • Pacific Global Asset Management, the asset management business of Pacific Life Insurance Company, in its acquisition of Cadence Capital Management, a registered investment 
    adviser with approximately $4 billion in assets under management
  • A global investment management firm in its runner-up bid for Bank of America’s $87 billion money-market fund business (work involved full M&A negotiation / representation)
  • Nationwide Financial in its acquisition of a portion of the business of HighMark Capital Management, a subsidiary of Union Bank, N.A., relating to the management of 17 mutual funds, with approximately $3.6 billion in assets under management, and the reorganization of such funds into Nationwide funds
  • The Independent Directors of FS Investment Corporation, a publicly traded business development company (BDC), in its merger with Corporate Capital Trust, a publicly traded BDC; the combined company, renamed FS KKR Capital Corp., is the second largest publicly traded BDC with over $8 billion in assets
  • Financial & Investment Management Group, a comprehensive wealth management registered investment adviser with $600 million in assets 
    under management, in the sale of its business to Mercer Advisors
  • Pinhook Capital, a registered investment adviser, in the sale to Destra Capital Advisors, a registered investment adviser, of a portion of the business of Pinhook Capital relating to the management of Multi-Strategy Growth & Income Fund, a closed-end interval fund, and the adoption of such fund by Destra
  • Whitney Bank and its division, Horizon Advisers, in the sale to Federated Investors of a portion of the business of Horizon Advisers relating to the management of three Hancock Horizon Funds, with approximately $435 million in assets under management, and the reorganization of such funds into Federated funds
  • A robo-adviser in its acquisition of a portion of the business of an asset management firm
  • A leading financial services firm in its successful bid for a registered investment adviser with over $10 billion in assets under management
  • Scout Investments, an institutional investment management firm, in its acquisition of Reams Asset Management, a registered investment adviser with approximately $10 billion in assets under management
  • Nationwide Financial in the sale of its active asset management business to Aberdeen Asset Management
  • Bryn Mawr Bank Corporation in its acquisition of the Private Wealth Management Group, with approximately $1.1 billion in assets under management, of the Hershey Trust Company
  • Clover Capital Management, a registered investment adviser with approximately $2.8 billion in assets under management, in the sale of its business to Federated Investors
  • Pioneer Investment Management in its acquisition of a portion of the business of Morgan Asset Management, a subsidiary of Regions Financial, relating to the management of 11 Regions Morgan Keegan Select mutual funds, with approximately $2 billion in assets under management, and the reorganization of such funds into Pioneer funds
  • HighMark Capital Management in its acquisition of a portion of the business of Ziegler Capital Management, relating to the management of eight North Track Funds, with approximately $614 million in assets under management, and the reorganization of such funds into HighMark funds
  • Rosemont Investment Partners in its minority investment in Riverview Alternative Investment Advisors, a fund of hedge funds manager
  • Bingham Legg Advisers, a wealth management firm with approximately $1.5 billion in assets under management and another $887 million in assets under supervision, and its global asset management firm and global law firm owners in the sale of Bingham Legg Advisers to Wilmington Trust FSB, a federally chartered savings bank and an affiliate of Wilmington Trust Corporation
  • Wilmington Trust FSB in its acquisition of AST Capital Trust Company of Delaware, a provider of retirement plan and personal trust services with more than $28 billion in assets under administration 
  • Certain employee members of Amherst Holdings, a financial services holding company, in an investment in Amherst Holdings by a group of investors led by Stone Point Capital
  • The chief executive (primary founding partner) in the formation with Evercore Partners of Evercore Wealth Management, a registered investment adviser that delivers customized investment management, financial planning, and trust and estate services
  • Invesco, as regulatory counsel:
    • in its pending acquisition of OppenheimerFunds, with approximately $246 billion in assets under management, from MassMutual
    • in its acquisition of the exchange-traded funds (ETF) business of Guggenheim Investments, with approximately $38.8 billion in assets under management
  • The Independent Trustees of Global X Funds in the sale of Global X Management Company, an ETF provider with $10.1 billion in assets under management, to Mirae Asset Global Investments
  • The sponsor of a BDC, as regulatory counsel, in the sale of the BDC’s investment adviser to a private equity firm
  • Several substantial financial institution creditors in the Lehman Brothers bankruptcy in the filing, trading and settlement of claims

*Includes certain representations by our investment management M&A lawyers prior to joining Stradley Ronon.

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