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Rating:A Reich & Tang Unit Changes Hands Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 23, 2009

A Reich & Tang Unit Changes Hands

Reported by Meredith Mazzilli

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 Delafield Fund 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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