NETHERLANDS - ABP, Europe's largest pension scheme, has acquired a majority interest in US fund manager, Shott Capital Management (SCM), through its joint-venture subsidiary, State Street Global Alliance. SCM - which will now be part owned by State Street Global Advisors - specialises in distribution management and private equity partnership investing.
The transaction is expected to close in the fourth quarter.
SCM is led by founder George Shott, along with a team of 23 investment management and support staff.
Jay Cromarty, president of State Street Global Alliance, said: “George and his team bring tremendous experience and expertise to this specialised segment of asset management. We look forward to the collaboration with Shott Capital and to the opportunity to offer SCM’s value added services to existing and future SSgA clients.”
Other fund managers on the roster include Residential Capital and Advanced Investment Technologies. ABP and State Street Global Alliance also have an alternative investment advisory company SSARIS Advisors, based in Stamford, Connecticut.
Launched in 2001, State Street Global Alliance aims to plant seed capital in fledgling speciality asset management firms.
The management team of Shott capital will also include Alan Chai, managing director of distribution management, Stacey Brenner, managing director of marketing and client service and Julie O’Donnell, managing director of private equity investment management.
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