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.
By Geoffrey Ho
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.