Allianz Global Investors, a unit of German insurer Allianz, has divested Boston money manager Cadence Capital Management
in a management-led buyout.
Although no official numbers on the price tag were released, AFX News
reported that sources estimated the price at $30 million to $90 million. Executives upped their interests in the firm to a minority share and Rosemont Investment Partners, a West Conshohocken, Pennsylvania-based private equity firm, provided equity for the deal as the only outside shareholder.
Cadence chief executive officer Michael J. Skillman
did not immediately return a call seeking comment.
The institutional asset manager has $6 billion in assets under management. Cadence will continue to subadvise four Allianz mutual funds for the ex-parent company.
Cadence, started in 1988, provides equity asset management for individuals and institutional investors.
"This sale is the right decision for both Allianz Global Investors and Cadence Capital Management, completing a plan we made some years ago," stated Joachim Faber
, chief executive officer of Allianz Global Investors. "It allows us now to further focus our activities on our core group of investment managers, while providing for a level of continuity in the management of those mutual funds subadvised by Cadence."
Stay ahead of the news ... Sign up for our email alerts now