MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, October 16, 2012 Minneapolis Boutique Sold to the Brits A Minneapolis-based soon-to-be fund shop has sold itself, in a bid to transition to new leadership. Neal St. Anthony of the Star-Tribune reports that the British firm Northill Capital is buying a majority stake in Minneapolis-based Riverbridge Partners, a private investment company that is getting set to launch its first mutual fund in January. Riverbridge is a 25-year-old company with 28 employees and about $4 billion in AUM. The founder, John Peyton, and several other principles are retiring, and the sale is a bid to transition control of the company to the next generation. The mutual fund that Riverbridge plans to launch will be a version of its all-cap growth strategy. Riverbridge "is the fifth of about ten investment boutiques in which Northill is investing to build a diversified portfolio of well-managed, high-quality investment businesses," St. Anthony writes. Riverbridge founder and chairman Mark Thomson told the paper that the sale is a way to let the retiring partners cash out and younger partners buy in. "Many firms never solve this problem, which is why they are either sold or … collapse when the founder departs," said Thomson. Printed from: MFWire.com/story.asp?s=41667 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |