Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:New Firm Seeks Deals Not Rated 2.5 Email Routing List Email & Route  Print Print
Wednesday, April 02, 2003

New Firm Seeks Deals

by: Sean Hanna, Editor in Chief

There is a new kid on the block looking to buy asset managers. New York City-based Overture Asset Managers today revealed its first purchase of an asset manager. The target is Avatar Associates, a 33-year-old investment advisor with two small mutual funds. The bulk of Avatar's $1.5 billion in assets under management is in the institutional and brokerage-wrap markets.

CRA RogersCasey advised Overture on the deal.

Avatar also sponsors two small mutual funds, the $3 million Advantage Balanced (AABLX) and $7 million Advantage Equity Allocation (AAEAX).

The is the first deal cut by Overture but will likely not be the last, confirmed a spokesperson. Doug Dumond, CEO and president of Overture, was not immediately available for comment on the purchase or on the firm's future plans. In a written statement, he said that Overture "seeks out boutiques with complementary investment strategies and adds value by providing investment managers with enhanced sales and marketing resources, product development assistance, an expanded technology and operating platform."

"Our goals with Avatar, and with other asset managers with whom we plan to partner in the future, are to preserve autonomy at the investment level, increase asset and revenue growth through domestic and international distribution, enhance client service resources, improve performance-based potential for portfolio managers, and provide meaningful returns for our equity investors," added Dumond.

Overture purchased the Avatar Investors Associates business through its OAM Avatar unit. Financial terms of the transaction were not disclosed. Ned Babbitt and other members of Avatar's senior portfolio management team are expected to continue in their respective roles at OAM Avatar, according to the statement.

Dumond stepped down as president of the intermediary distribution arm of CDC IXIS Asset Management last summer. At that time he declined to provide details of the new venture. Prior to joining CDC IXIS (formerly NVEST), Dumond was an executive in Aetna's pensions unit.

In addition to DuMond, Overture's senior management group includes Mona Aboelnaga, vice chairman and chief operating officer; James C. Coley II, vice chairman; Charles Bonan, managing director, corporate communications; Neal M. Epstein, managing director, Research & Product Management; and Frederick J. Turcotte, managing director, chief financial officer.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.5
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use