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Rating:Allianz Sells Boston Institutional Manager Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, June 21, 2005

Allianz Sells Boston Institutional Manager

Reported by Theresa Sim

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."  

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