NETHERLANDS/US - ABP and State Street Global Advisors (SSgA) have acquired a minority interest in Sectoral Asset Management through their strategic venturing partnership, State Street Global Alliance.
Montreal-based Sectoral, which was founded in 2000, has US$2.9bn assets under management and specialises in managing global equity portfolios in the healthcare, pharmaceutical and biotechnology sectors.
Jerome Pfund, CEO, Sectoral, commented: “This milestone is significant for our company and with Global Alliance as a partner the stage is set for further development, in particular, in the North American institutional market.”
Sectoral has been awarded various mandates to manage major portfolios, including all of Pictet & Cie's Healthcare and Biotech portfolios in Europe and Japan in October 2000 and a sub-advisory mandate from Nomura, Japan, in 2003.
Most recently it was awarded a sub-advisory mandate from Prudential, Korea in 2006.
State Street Global Alliance has acquired two minority investments and five majority owned firms since its inception in 2001.
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