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Rating:Harbor Sale! Not Rated 3.0 Email Routing List Email & Route  Print Print
Wednesday, March 21, 2001

Harbor Sale!

Reported by Alfred Wang

Already weighing $100 billion, the Robeco Group, a Dutch asset manager, swelled by an additional $17 billion by agreeing to buy Harbor Capital Advisors.

The parent company, Owens-Illinois, cashed the fund firm out for approximately $490 million in currency to help cover a bank debt of $5.85 billion.

"To enable Harbor Capital Advisors to realize its potential as it continues to grow, an association with a respected asset management firm such as Robeco is an important step," said Joseph H. Lemieux, Owens-Illinois chairman and chief executive officer, in a statement.

The Toledo, Ohio-based fund firm counted 12 mutual funds and $14 billion in assets under management. Also included in the sale are the assets of Harbor Capital Advisors, its subsidiary distributor HCA Securities, and shareholder service provider, Harbor Transfer.

Management at Harbor Funds is expected to stay after the transaction is completed, around June of this year.  

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