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Rating:Abbott Doubles Down On a $7.3B-AUM Boutique Not Rated 5.0 Email Routing List Email & Route  Print Print
Thursday, February 28, 2019

Abbott Doubles Down On a $7.3B-AUM Boutique

Reported by Neil Anderson, Managing Editor

Cooper Abbott is doubling down on a 13-year-old boutique with $7.3 billion in AUM. And succession is in the cards, too.

James Cooper Abbott
Carillon Tower Advisers
President, Chairman
St. Petersburg, Florida-based Carillon Tower Advisers [profile], the multi-boutique asset management arm of Raymond James, has agreed to buy the rest of San Diego, California-based ClariVest Asset Management, Abbott confirmed on Tuesday. Eagle Asset Management, another Carillon Tower boutique, bought a 45 percent stake in ClariVest in 2012, and once this new deal closes ClariVest will be wholly owned by Eagle.

Tiffany Ayres
ClariVest Asset Management LLC
President-Designate, Executive Vice President, General Counsel, Chief Compliance Officer
Pricing and terms of the new deal were not disclosed, but it is expected to close in April. Once it closes, Carillon Tower will have three arms: Eagle (which will include ClariVest), Cougar, and Scout (which includes Reams).

Meanwhile, ClariVest CEO and chief investment officer Stacey Nutt (also a founding principal and an owner) will become a senior advisor to the shop that he co-founded back in 2006. Executive vice president Tiffany Ayres, who joined later in 2006 and now serves as general counsel and chief compliance officer, will take over as president. She'll lead the firm day-to-day alongside non-U.S. and global strategies CIO David Vaughn and U.S. and alternative strategies CIO Todd Wolter.

Stacey Ross Nutt
ClariVest Asset Management LLC
Outgoing CEO, Chief Investment Officer, Founding Principal
"This orderly transition will ensure that the next generation of leadership continues ClariVest's long-standing investment process, culture, and track record of delivering excellent service to it institutional clients," Nutt states.

ClariVest is an institutional asset manager and mutual fund subadvisor that invests across a wide variety of equities with a behavioral, opportunistic approach. Abbott, president of Carillon Tower, sees the deal building "an even stronger connection between Carillon Tower's distribution capabilities and ClariVest's unique investment products."

As of January 31, Carillon Tower had $64.6 billion in AUM, and ClariVest had $7.3 billion. 

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