MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Tuesday, November 24, 2020 BlackRock Will Buy an Index SMA Shop Larry Fink and his team are betting on an SMA shop that specializes in tax-optimized, index equity strategies.
Aperio had more than $36 billion in AUM, as of September 30. So, the deal's price tag translates into 2.9 percent of Aperio's AUM. The deal would boost BlackRock's SMA AUM to more than $160 billion. The plan is for Aperio to keep its own brand as a separate team within BlackRock's U.S. wealth advisory business, with Aperio's rising co-heads, Ran Lesham and Liz Michaels, staying on. Aperio's CEO, Patrick Geddes, will stay on as Aperio's chief tax strategist and will become a senior advisor at BlackRock. Dan Haspel and Rob Little, managing directors at Golden Gate, laud BlackRock as "the perfect partner" for Aperio's next chapter. Lesham and Michaels note that the deal will allow them "to harness BlackRock's capabilities and reach to keep innovating on behalf of an even larger base of wealth managers and institutional investors." The deal, Small stated, "will bring institutional quality, personalized portfolios to ultra-high net worth advisors and will create one of the most compelling client opportunities in the investment management industry today." "This transaction deepens our presence in the San Francisco area and reflects the critical importance to BlackRock of tapping the innovation taking place on the West Coast of the U.S.," McCombe adds. Printed from: MFWire.com/story.asp?s=62175 Copyright 2020, InvestmentWires, Inc. All Rights Reserved |
