Several big mutual fund firms recently wrapped up acquisitions.
| Jerome L. "Jerry" Dodson|
On Monday, the Affiliated Managers Group (AMG
) group team confirmed
that their planned purchase
of a majority stake in Parnassus Investments
. The deal was first unveiled
back in July. San Francisco-based Parnassus had $49 billion in AUM as of September 30; as of June 30, West Palm Beach, Florida-based AMG's aggregate AUM was about $756 billion.
Last week, George Aylward
, president and CEO of Virtus Investment Partners, Inc.
that Virtus completed its planned purchase of Westchester Capital Management
on October 1. The deal was unveiled
back in February. Valhalla, New York-based Westerchester had $5 billion in AUM as of June 30; Hartford, Connecticut-based Virtus had $183.3 billion in AUM as of August 31.
Also last week, Joe Machi
director of alliances at Federated Hermes, Inc.
that Federated has acquired
nine Hancock Horizon
funds, merging them into six existing funds and creating one new fund. The deal was unveiled
back in April. The nine Hancock Horizon funds had $562 million in AUM as of September 24, and Pittsburgh-based Federated had $645.8 billion in AUM as of June 30.
Also last week, Tom Rampulla
, managing director of financial advisor services at Vanguard
that Vanguard has completed
its purchase of Just Invest
, in the wake of a 1.5-year pilot direct indexing Vanguard program that's powered by Just Invest. That deal was unveiled
back in July.
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