The Turner Investments-Veracen
] merger is complete, and Bob Turner
is sharing his throne. He's aiming for a massive comeback.
| Bob Turner|
Co-Chief Executive Officer
Yesterday the Berwyn, Pennsylvania-based mutual fund shop confirmed
the close of the deal, which was first announced
in July. Jeff Blumenthal of the Philadelphia Business Journal reports
that Bob Turner and former Veracen chief Michael Kennedy
will serve as co-CEOs of the combined firm, which is keeping the Turner name. Turner's AUM now stands at about $800 million, compared to $380 million at the end of May and down from its pre-financial crisis peak of $28 billion.
Meanwhile, the Philadelphia Inquirer previously reported
that Turner is trying to raise $12.5 million in capital to fund a comeback, aiming to multiply AUM by a factor of more than 39 in five years, to $15 billion in 2021.
Neil Anderson, Managing Editor
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