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

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

Rating:Amvescap Buys Wealth Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, November 21, 2003

Amvescap Buys Wealth Manager

by: Sean Hanna, Editor in Chief

Amvescap has made a move to build up the services it provides to high net worth investors in the United States. The London-domiciled fund firm and asset manager paid out $117.5 million in cash and stock on Friday to buy Stein Roe Investment Counsel and its $7.3 billion in assets under management. Amvescap will fold Stein Roe into its Atlantic Wealth Management Group.

Although Stein Roe Investment Counsel claims a 71-year history, the firm in its current incarnation is actually quite young. In October of 2000 the managers of Stein Roe & Farnham's Private Capital Management business led by CEO Bill Rankin bought the firm from what was then Liberty Financial with the assistance of Putnam Lovell Capital Partners. The Stein Roe mutual funds remained with Liberty. Since that time Liberty Financial was purchased by FleetBoston and renamed the Columbia Funds. Last month Bank of America agreed to buy FleetBoston.

Rankin said the sale to Amvescap provided a compelling opportunity. "We believe this merger of skills combined with a deep coast-to-coast presence exceeding $15 billion in assets under management will position us as a significant presence in the wealth management marketplace," he said.

While the managers of Stein Roe are staying on, Amvescap is purchasing the minority stake held by Putnam Lovell. Sixty percent of the purchase amount will be paid in cash and the remaining 40 percent in Amvescap ordinary shares. In addition, Amvescap will pay up to another $43 million if the managers of Stein Roe meet certain client retention and revenue growth targets.

Stein Roe Investment Counsel has offices in Chicago, New York, Southern California and San Francisco.

"This combination brings together a distinguished investment counseling firm with our integrated private wealth management and trust capabilities," stated Donald J. Herrema, chairman and CEO of Atlantic Wealth Management Group. "Once integrated, we will be even better positioned to provide current and future clients a unique and superior approach to managing their wealth through 13 offices across the United States."  

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

 Do You Recommend This Story?

Return to Top
 News Archives
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
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 Director Discussion Series - Open Forum via Zoom, December 7
  2. 2022 MMI Leadership Pathway Seminar, December 7
  3. 2022 Samfund Annual Celebration, December 7
  4. IMEA In Session - Cyber Security Trends, December 8
  5. U.S. Securities and Exchange Commission Investor Advisory Committee meeting, December 8
  6. MFDF webinar - Investment Valuation and Governance: Deloitte's 20th Annual Fair Valuation Pricing Survey, December 8
  7. Women in ETFs Philadelphia - Holiday Happy Hour With Project Home, December 8
  8. MMI webinar - Defining & Stimulating the Client Experience, December 9
  9. US SIF media webinar: US Sustainable Investing Trends 2022, December 12
  10. Vett Fi Advisor Perspectives Investment Insights Summit 2022, December 13
  11. IDC webinar - Spotlight on the SEC's Swing Pricing and Hard Close Proposals, December 14
  12. 2022 MMI Webinar Sponsored by the MMI Blockchain Finance Forum: Digital Asset Classification, December 14
  13. WE Boston: Annual Give Back Event 2022, December 14
  14. MFDF In Focus: Closed-End Fund Activism, December 14
  15. Crane Data's Money Fund University, Dec 15-16
  16. Crane Data's Holiday Cocktail Party, December 15
  17. MFDF webinar - Impact of 2022 Mid-Term Elections on the Financial Industry, January 10, 2023
  18. IDC's Foundations for Fund Directors, January 11 - 12, 2023
  19. MFDF 2023 Directors' Institute, January 23 - 25, 2023
  20. Exchange: an ETF Experience, February 5 - 8, 2023
  21. 8th Annual Expect Miracles in Manhattan, February 16, 2023
  22. MFDF webinar - Fund Industry Claims Trends: An Insurer's Perspective, March 1, 2023
  23. MFDF 2023 Fund Governance & Regulatory Insights Conference, March 9 - 10, 2023
  24. Crane Data's Bond Fund Symposium, March 23 - 24, 2023
  25. 2023 MMI Summit, March 29 - 30, 2023
  26. 34th Sub-Advised Funds Forum, April 3 - 4, 2023

©All rights reserved to InvestmentWires, Inc. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use