A $4.4-billion asset manager Chicago is now 100-percent owned by its own employees.
This spring news broke
that the team at Chicago-based Oak Ridge Investments
would be buying back the 49-percent stake owned by multinational Pioneer Investments
. Then the deal closed
, on Friday, and reorganized two Oak Ridge-subadvised Pioneer mutual funds as new Oak Ridge-advised mutual funds.
"In our 25th year, returning to 100% employee ownership recognizes the on-going success of our franchise and positively impacts our ability to expand our investment strategy offering ..." states David Klaskin
, founder, CEO and chief investment officer of Oak Ridge. "The independence and energy from becoming 100% employee owned has added tremendous momentum to our professional culture."
[See MFWire's living timeline
of the Pioneer auction for more details and history.]
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