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

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

Rating:Sullivan and Walker Each Do Deals Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, February 04, 2020

Sullivan and Walker Each Do Deals

News summary by MFWire's editors

A pair of big fund firms' CEOs are making acquisitions.

Joe Sullivan and his team have started the process to increase Legg Mason's minority stake in Precidian Investments to a majority stake, Citywire and Pensions & Investments report. Separately, yesterday George Walker, CEO of Neuberger Berman, confirmed that the New York City-based fund firm has purchased a nearby, real estate-focused shop, Almanac Realty Investors.

Sullivan, chairman and CEO of Baltimore-based, publicly-traded Legg, was already at the helm four years ago when Legg bought a 19.9-percent stake in Precidian, with an option to increase that to a majority stake down the line. Precidian has been developing a special type of active ETF structure, called ActiveShares, that uses mutual funds' less frequent disclosure requirements. The SEC blessed ActiveShares last year, and word is that the first ETFs using the new structure should hit the market soon.

Sullivan's latest move is no-surprise to Legg watchers, as Legg had a January deadline to notify Precidian of interest in exercising the option. Now a nine-month due diligence process is underway.

Meanwhile, the Neuberger Berman deal is completely done. Almanac is a 39-year-old business that started within Rothschild and spun out in 2007. The whole Almanac team is expected to stay on. It will remain "a distinct investment platform at Neuberger Berman," according to the Neuberger team, with Almanac managing partner Matthew Kaplan and the rest of the partners and investment committee staying at the helm (along with a new investment committee addition, managing director David Haltiner.

Berkshire Global Advisors advised Almanac on the deal. Ardea Partners advised Neuberger. Pricing and terms were not disclosed.

"Private real estate is an important asset class," Walker states. "We've looked for a decade for the right partner here and are thrilled with the outcome." 

Edited by: Neil Anderson, Managing Editor

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

 Do You Recommend This Story?

Return to Top
 News Archives
2021: Q2Q1
2020: Q4Q3Q2Q1
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:
Add to My Yahoo!
follow us in feedly

  1. MFDF webinar - Gamification of Securities Trading: Fad or the Future?, April 14
  2. IDC Speaker Series - Diversity, Inclusion, and Implicit Bias: An Interview with Song Richardson, April 14
  3. IDC Virtual Roundtable: New Jersey and Pennsylvania - April 2021, April 15
  4. MFDF In Focus: Board Oversight of Sub-advisers, April 15
  5. The 31st Sub-Advised Funds Forum, Apr 20-21
  6. ETF.com Awards 2020, April 20
  7. IDC Virtual Roundtable: Florida - April 2021, April 20
  8. IMEA Marketing Council Roundtable | Engaging Advisors In a Virtual World, April 21
  9. MFDF Director Discussion Series - Open Forum via Zoom (Northeast), April 21
  10. FIASI virtual event - ESG in Fixed Income: Shining a Light on Transparency, Apr 22-23
  11. IDC Virtual Roundtable: Alabama, Georgia, North Carolina, and South Carolina - April 2021, April 22
  12. IDC Webinar: The Future of the Workplace - April 2021, April 23
  13. IDC Virtual Roundtable: Arkansas, Louisiana, Mississippi, Oklahoma, Tennessee, and Texas - April 2021, April 27
  14. MFDF Case Studies in Fund Oversight — A Virtual Roundtable for Directors, Apr 28-29
  15. IDC Virtual Roundtable: Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota - April 2021, April 29
  16. 44th Annual AIMSE Marketing & Sales Conference, May 2-4
  17. MFDF Director Discussion Series - Open Forum via Zoom (Southeast), May 5
  18. ICI 2021 General Membership Meeting - Day 1, May 6
  19. Emerging Manager Forum USA, May 12-14
  20. ICI 2021 General Membership Meeting - Day 2, May 13
  21. 2021 FINRA Annual Conference, May 18-20
  22. IDC Speaker Series - Abby Joseph Cohen: A Conversation About the State of the Global Markets, May 19
  23. 2nd annual ETFGI Global ETFs Insights Summit - USA, May 19-20
  24. MFDF Director Discussion Series - Open Forum via Zoom, May 19
  25. Irish Funds Online Annual Global Funds Conference 2021, May 19-20
  26. MFDF webinar - Fund Director Compensation: MPI Annual Survey (2021), May 20

©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use