A multi-boutique asset manager outside Dallas is "still very active" in M&A, its new president tells MFWire
, chief operating officer and now president
of both Irving, Texas-based Resolute Investment Managers
and its multi-manager subsidiary, American Beacon
], confirms that Resolute has "several projects under way at the moment" on the dealmaking front. Ringdahl recently talked to MFWire
about Resolute's acquisition preferences.
"One thing that we're looking for is greater business diversity," Ringdahl says. "We very much would like to have an overseas presence ... We'd like to have 50 percent of Resolute AUM in equities and 50 percent in everything else."
Another aspect of business diversity that the Resolute team aims to increase is on the distribution side, between retail and institutional distribution.
Yet, as Resolute CEO Gene Needles told MFWire
two years ago, the firm is "pretty picky" when it comes to M&A targets. Resolute made its third ever
acquisition a year ago.
"We don't do transactions for transactions for transactions' sake," Ringdahl says. "We're here to really add value to these boutique investment firms."
"The hard work really begins on day two [after the deal closes]," Ringdahl adds, noting that that slows down Resolute's acquisition pace. "You won't see us do five transactions at once."
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