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Rating:A Mutual Fund Service Provider is Sold Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, January 26, 2011

A Mutual Fund Service Provider is Sold

Reported by Armie Margaret Lee

American Stock Transfer & Trust is buying The Altman Group, a provider of mutual fund proxy solicitation and global shareholder identification services. The transaction is expected to close in mid-February.

The press release issued by AST on Tuesday did not state the purchase price.
Company Press Release

American Stock Transfer & Trust Company Signs Agreement to Purchase The Altman Group

January 26, 2011 -- American Stock Transfer & Trust Company, LLC ("AST") announced today that they have signed a definitive agreement to purchase the operating businesses of The Altman Group, Inc. ("The Altman Group"), subject to meeting certain customary closing conditions. Led by a team of experienced professionals who are committed to providing the highest level of client service in the industry, The Altman Group has established itself as a preeminent full-service firm in the mutual fund proxy solicitation, global shareholder identification and corporate governance arenas.

"We are committed to bringing the best products and services to our clients," said Mark C. Healy, president and chief executive officer of AST. "This acquisition is a natural next step in our strategy to deliver integrated solutions and we are pleased to add another industry leader to our team. Our firms complement each other and this acquisition will enable us to offer a broader array of products and services to meet our clients expanding needs."

Ken Altman, President and founder of The Altman Group, stated, "The combination is a major step forward for The Altman Group. We will now have an opportunity to further leverage our core strengths as part of ASTís network of technologically superior and client-focused business units. We consider this to be of tremendous benefit for all of our clients and employees."

In addition to offering this suite of services to all of ASTís clients in the United States, The Altman Group will also provide services to the Canadian market through the Canadian Stock Transfer Company Inc. (ASTís sister company). The transaction is expected to close in mid-February 2011.

About The Altman Group
The Altman Group offers a comprehensive suite of services, including: closed-end and open-end mutual fund proxy management, global proxy solicitation, mailing and tabulation, global shareholder identification, corporate governance consulting, regulatory mailings and shareholder asset reunification programs.

About AST
American Stock Transfer & Trust Company, LLC and its affiliates in the Link Group Network are leading providers of registry services and technology to financial market participants in North America, Australia, New Zealand, Hong Kong, India, South Africa and the United Kingdom. AST and its partner, Canadian Stock Transfer Company (CST), form the North American division of the Link Group. AST and CST together provide comprehensive stock transfer and employee plan services to more than 8,000 public issuers and over 5.5 million shareholders. The division serves clients located throughout North America and in over 22 foreign countries. Clients served by AST range in size from those completing initial public offerings to Fortune 100 companies.
 

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