US mutual fund giant OppenheimerFunds has acquired Tremont Advisers, the alternative investment and advisory firm for $19 a share.
Under the terms of the deal, Tremont, which has $120bn in assets under management, will become an independent wholly-owned subsidiary of Oppenheimer. Tremont's current management team of chairman Sandra Manzke, and president Robert Schulman, will remain in place after the takeover. The pair will also continue as joint chief executive officer of the firm.
The combination of Tremont Advisers' expertise in alternative investments with OppenheimerFunds' strength in distribution and product capabilities clearly marks a turning point in our business,” Manzke said.
“Working together we have an unparalleled opportunity to tap the high-net-worth and institutional market and add a significant growth rate to an already rapidly growing business.
Through its London-based information and research subsidiary, Tremont TASS Europe, the firm provides data on the performance of more than 2,500 alternative investment managers and funds and promotes advisory and other products throughout Europe. Tremont advises on more than $8bn in alternative investments and manages more than $1.5bn in client assets.
Mutual fund giant OppenheimerFunds currently has more than $120bn in assets under management, and is a subsidiary of Massachusetts Mutual Life Insurance. Putnam Lovell Securities advised Tremont.
By Geoffrey Ho
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