Reich & Tang
has found a new home for its Delafield Asset Management
division. Delafield will become part of Tocqueville Asset Management
in a deal announced Tuesday. The deal comes as Reich and Tang, an affiliate of Natixis Global Asset Management
, is restructuring to focus on the money market and cash deposit businesses.
| Dennis Delafield|
Delafield Asset Management
The purchase price was not made public.
As part of the deal, two mutual funds -- the $481 million
and the $18.5 million Delafield Select Fund
will join Tocqueville's family of four equity mutual funds. Also covered in the deal are Delafield's separately managed accounts and limited partnerships.
A core team of eight from Delafield will be moving over to Tocqueville -- this contingent represents the entirety of the current team, save for one portfolio manager.
No official closing date has been set at this time, but Delafield spokesperson told The MFWire
that they are aiming for their last business day with Reich & Tang to be September 25.
In a news release, Delafield founder and portfolio manager Dennis Delafield
described Tocqueville as a "good fit."
"Like Delafield, it has a seasoned team of equity analysts and fund managers. We anticipate a long and productive association with the firm," Delafield said.
"We thank the Delafield team for their important contribution to the equities business of Reich & Tang Asset Management and Natixis Global Asset Management. Dennis and Vince deserve recognition for their successful long-term track record, and we wish them only success in their new endeavor," said John Hailer
, CEO of Natixis Global Asset Management, North America and Asia, in the release.
Delafield Asset Management was founded in 1980. In 1991, it joined the capital management group of Reich & Tang, formally merging with the latter in 1997.
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