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Friday, October 08, 2021|
Four Big Fund Firms Wrap Up Deals
Several big mutual fund firms recently wrapped up acquisitions.
Last week, George Aylward, president and CEO of Virtus Investment Partners, Inc., confirmed 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., confirmed 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, confirmed 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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