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Wednesday, August 24, 2016

Bob Turner Shares the Throne Post-Merger

News summary by MFWire's editors

The Turner Investments-Veracen [profile] merger is complete, and Bob Turner is sharing his throne. He's aiming for a massive comeback.

Bob Turner
Turner Investments
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. 

Edited by: Neil Anderson, Managing Editor


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