Who will buy RS Investments
] from Guardian Life Insurance Company of America
| Matthew H. Scanlan|
A source familiar with the situation tells MFWire
that the New York City-based insurer has put the San Francisco-based asset manager on the block. Jessica Toonkel of Reuters reports
that, per two unnamed sources, Guardian has hired Morgan Stanley
to shop RS. 25-year-old RS has $20 billion in AUM as of March 31, including $14.6 billion in 25 mutual funds, and no pricing on the sale has yet come to light.
Officials at Guardian, Morgan Stanley, and RS declined to comment to the wire service.
RS dates back to 1986, when it was created as an arm of venture capital firm Robertson Stephens & Company. BofA bought Robertson Stephens in 1997, and founding partner Paul Stephens led a management buyout of the asset management arm two years later. Guardian bought RS in 2006, and RS adopted Guardian' funds. Current RS CEO and BGI veteran Matthew Scanlan took over
three years ago.
Neil Anderson, Managing Editor
Stay ahead of the news ... Sign up for our email alerts now