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

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

Rating:Why a 34-Year-Old Firm Picked This Buyer Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 10, 2021

Why a 34-Year-Old Firm Picked This Buyer

Reported by Neil Anderson, Managing Editor

A 34-year-old U.S. asset and wealth management firm's pending sale to a European ally to asset managers is "really a growth story."

Steve Matthew Savage
Litman Gregory Asset Management, LLC
CEO, Managing Principal
So says Steve Savage, CEO of Litman Gregory [profile]. As previously reported, Paris-based iM GLobal Partner has agreed to buy Walnut Creek, California-based Litman Gregory, and the deal is expected to close next quarter. Berkshire advised iM Global on the deal, while Raymond James advised Litman Gregry, Savage confirms.

Savage says that the deal is not about cost-cutting and notes that the two have basically no overlap in their existing infrastructure.

"There's not going to be any change to Litman Gregory's operations," Savage tells MFWire. "The change is going to be in the areas we wanted it, not in the areas we didn't want it."

Litman Gregory is currently privately owned by 16 principals, 12 of whom are still actively working with the firm. Rosemont, a private equity firm, also owns a minority stake (less than 14 percent) of Litman Gregory. Rosemont has agreed to sell its stake in Litman, but Savage confirms that Litman Gregory's principals have "healthy incentives" to stay on after the deal closes and will not be "cashing out and retiring."

"All 12 active partners will remain," Savage says.

As for choosing iM Global, Savage says the deal was "almost opportunistic."

"We didn't seek out a transaction. We came across iM Global Partners through industry contracts," Savage says. "We really took a lot of time to make sure that things that were important to us were being met."

Cultural commonalities were key to the deal, Savage says. Both firms have a "strong research focus," he adds, and an entrepreneurial perspective. 

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
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:
Raw XML
Add to My Yahoo!
follow us in feedly


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




©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