US - Phoenix Investment Partners (PIP) - asset management subsidiary of The Phoenix Companies - has closed its deal to acquire a 65% stake in value managers Capital West Asset Management (Capital) in a bid to further its managed account growth strategy.
Denver-based Capital - which has around $175m in assets under management - provides fund management to both institutional and high net worth markets. The deal brings PIP’s number of money management affiliates to 10.
PIP has bought Capital for an initial undisclosed amount in cash. An additional payment may be made based upon management fee revenue growth of the purchased business through 2004, said PIP.
The agreement also allows for Phoenix to acquire an additional 10% stake by 2006. Capital principals retain the remaining interests and control over day-to-day operations. Key executive and portfolio management team members also remain unchanged.
*Earlier this month $48.8bn Phoenix also sealed an agreement to acquire a majority interest in Kayne Anderson Rudnick Investment Management, a Los Angeles-based money manager with more than $7bn in assets under management. By Madhu Kalia
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