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Tuesday, July 18, 2023 Jeff Preps an $80B-AUM Firm's Recap A $79.6-billion-AUM (as of June 30), PE-backed, multi-boutique asset manager's creditors are preparing to take over the company later this year.
The deal is expected to close by the end of 2023. According to the Resolute team, "no changes to the day-to-day management, operations, or personnel of Resolute and its affiliates are anticipated." Resolute's recapitalization deal comes eight years after two private equity firms, Estancia and Kelso, bought Resolute (then called Astro AB Holdings). Resolute's boutique subisidiaries include: American Beacon [profile], National Investment Services, RSW Investments, Shapiro Capital Management, and SSI Investment Management. (The rest of Resolute's 30-plus boutique allies are independent.) Ringdahl, who took over last year as CEO of both American Beacon and Resolute, describes the planned recapitalization as "an important milestone that puts [Resolute] on stronger financial footing." "We look forward to partnering with our new investors who are fully supportive of our business strategy and continued evolution into a diversified investment solutions provider," Ringdahl states. Printed from: MFWire.com/story.asp?s=66207 Copyright 2023, InvestmentWires, Inc. All Rights Reserved |