ALPS Fund Services
chalked up a record-smashing second quarter even as a trade publication speculated on the possibility of ALPS Holdings seeing a change in ownership.
For Lovell Minnick
the strong results during the year's second quarter could not have been better timed. In early June, Reuters' peHub.com
reported that private equity firm Lovell Minnick
, which in 2005 bought a majority stake in ALPS (see The MFWire.com coverage
), was "open to overtures" from buyers interested in its stake.
The June 9 peHub story noted that "five years is the typical hold time for Lovell Minnick." The report added that Lovell Minnick has not yet tapped a investment banker.
However, Lovell Minnick managing director Jeff Lovell
threw cold water on the published speculation in an interview with The MFWire.com
"We have no immediate plans to sell our interest in ALPS," Lovell told The MFWire.com
on Wednesday, adding: "We remain enthusiastic about their continuing track record of strong growth."
The strong growth referred to by Lovell was on display in ALPS Fund Services' record second quarter results. In the three months ended June, ALPS Fund Services brought over $5 billion in assets and 100,000 accounts, according to company officials in an August 6 press release.
The new clients that came on board include BBH Funds
, Oak Value Associates Funds
, Vulcan Value Partners
, Transparent Value Advisors
Funds, rebranded as Forward Funds
The ALPS family also includes ALPS Distributors and ALPS Advisors.
Lovell Minnick has a supermajority stake in ALPS. According to an industry source, Lovell Minnick's stake is in the neighborhood of 75 percent.
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