Robeco, the Dutch asset manager, has agreed to purchase US fund manager Harbor Capital Advisors for $490m (£345m) in an all cash deal.
According to Robeco, the acquisition is part of its North American expansion plans and the new acquisition will complement Robeco’s existing US operations under the New York based manager Weiss, Peck & Greer.
Robeco’s Group Executive Committee chairman, Pieter Korteweg said: “We are delighted with this acquisition, it fits our growth strategy perfectly. Through Harbor Capital Advisors we can reach a new client segment in the US and as such substantially broaden our base.”
Harbor Capital currently has $17bn (£12bn) assets under management. Formed in 1983, it is currently part of glass and plastics packaging group, Owens-Illinois. Harbor Capital’s expertise lies in selecting external managers, to whom it outsources the management of its investment portfolios. As well as managing the Owens-Illinois pension fund, it also advises the 12 member Harbor Fund family of mutual funds.
Under the terms of the deal, Robeco will acquire Harbor Capital for $490m in cash. As part of the acquisition, Robeco will also own HCA Securities and Harbor Transfer, the shareholder servicing agent for the Harbor Funds. The deal, which is expected to be concluded in June 2001, is subject to approval from the trustees of the Harbor Funds, as well as various regulatory bodies and shareholders.
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