Though CEO Chris Bingaman
is selling off a piece of Diamond Hill Investment Group
], it's business as usual for the rest of the shop.
Last week independent mutual fund support shop Portland, Maine-based Foreside Financial Group unveiled
a deal to buy Columbus, Ohio-based Diamond Hill's Beacon Hill Fund Services
unit. The 22-person Beacon Hill team will integrate in with Foreside.
A spokeswoman for Diamond Hill (a publicly-traded mutual fund shop) confirms that the deal, expected to close on July 31, "will have no impact" on Diamond Hill's operations.
"[Beacon Hill] will continue to provide fund services to Diamond Hill," the spokeswoman tells MFWire
. "We believe that Foreside will be a better strategic partner for Beacon Hill, allowing them to grow their business and add scale and allowing us to focus 100% of our resources on investment management."
And the Diamond Hill folks also revealed, via an SEC filing
, that Beacon Hill "has not been material to the Company's overall financial results, making up less than 4 percent of revenues and less than 1 percent of net operating income over each of the three most recent fiscal years." Diamond Hill brought in
$124.4 million in revenue overall last year, netting $37.1 million in income.
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