The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:For $60MM to $70MM, an I-Bank Exits Asset Management Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, May 30, 2019

For $60MM to $70MM, an I-Bank Exits Asset Management

Reported by Neil Anderson, Managing Editor

A midwestern investment bank is preparing to exit the traditional asset management business through a pair of deals, expected to generated between $60 million and $70 million in total (not counting earn outs).

Debbra Lynn Schoneman
Piper Jaffray
Yesterday Deb Schoneman, president of Minneapolis-based Piper Jaffray, confirmed that Leawood, Kansas-based Tortoise Capital Advisors has definitively agreed to buy the midstream energy business of Piper Jaffray's Advisory Research, Inc. [profile], and that a management team led by Matthew Swaim aims to buy the rest of Chicago-based Advisory Research. Those Advisory Research partners have signed a letter of intent. The deals are expected to close in the second half of 2019.

"We are thrilled to return the ARI business to its legacy partnership roots," states Swaim, managing director and executive committee chairman at Advisory Research. "We will continue to invest in premier investment talent, maintain our intense focus on client success and grow our niche investment strategies with like-minded clients."

Advisory Research has more than $6 billion in AUM, so the combined expected purchase prices translate into between 1.0 percent and 1.2 percent of its AUM. About $3 billion of its AUM is on the midstream energy asset management business that Tortoise (a private equity-backed alternative asset manager) has agreed to buy, and that team includes senior PMs Jim Cunnane, Jr. and Quinn Kiley, who will join Tortoise as part of the deal.

Ardea Partners is the advisor on both deals, while Faegre Baker Daniels is providing legal advice.

FA, the Minneapolis/St. Paul Business Journal, the Minneapolis Star Tribune, Pensions & Investments, and Seeking Alpha all reported on the news.

Piper Jaffray first bought Advisory Research in 2010

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

©All rights reserved to InvestmentWires, Inc. 1997-2023
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use