US - Phoenix Investment Partners has bought a majority stake in the Denver-based quantitative fund manager Capital West Asset Management, for an undisclosed sum.
Capital West provides investment management services to high net worth individuals and institutional clients, including corporate, public and union pension funds, foundations and endowments. Capital West's management will retain control over day-to-day operations in addition to holding a significant equity stake in the firm, Phoenix said.
Philip McLoughlin, chairman and chief executive officer of Phoenix, said of the acquisition: Capital West's quantitative value style will be an excellent addition to our offerings. Our national wholesaling force expects to leverage Capital West's existing distributor relationships, while creating new ones, to mutually grow our managed account business. We will also explore ways to expand Capital West's institutional management business.
Phoenix Investment Partners was advised by De Guardiola Advisors in this transaction.
The acquisition of Capital West will add $385m to Phoenix's $54.8bn assets under management. The firm becomes Phoenix's tenth investment management affiliate. Each affiliate operates independently in the management of assets, and receives centralised assistance from Phoenix in the form of distribution, marketing, technology and operational support.
The other managers in Phoenix's collection are Florida-based Aberdeen Fund Managers; Duff & Phelps Investment Management, Chicago; California-based Roger Engemann & Associates; Phoenix Investment Counsel; Seneca Capital Management in San Francisco; Walnut Asset Management, Philadelphia; and New York-based Phoenix/Zweig Advisers.
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