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Friday, October 08, 2021

Four Big Fund Firms Wrap Up Deals

Reported by Neil Anderson, Managing Editor

Several big mutual fund firms recently wrapped up acquisitions.

Jerome L. "Jerry" Dodson
Parnassus Investments
Founder
On Monday, the Affiliated Managers Group (AMG) group team confirmed that their planned purchase of a majority stake in Parnassus Investments has closed. The deal was first unveiled back in July. San Francisco-based Parnassus had $49 billion in AUM as of September 30; as of June 30, West Palm Beach, Florida-based AMG's aggregate AUM was about $756 billion.

Last week, George Aylward, president and CEO of Virtus Investment Partners, Inc., confirmed that Virtus completed its planned purchase of Westchester Capital Management on October 1. The deal was unveiled back in February. Valhalla, New York-based Westerchester had $5 billion in AUM as of June 30; Hartford, Connecticut-based Virtus had $183.3 billion in AUM as of August 31.

Also last week, Joe Machi director of alliances at Federated Hermes, Inc., confirmed that Federated has acquired nine Hancock Horizon funds, merging them into six existing funds and creating one new fund. The deal was unveiled back in April. The nine Hancock Horizon funds had $562 million in AUM as of September 24, and Pittsburgh-based Federated had $645.8 billion in AUM as of June 30.

Also last week, Tom Rampulla, managing director of financial advisor services at Vanguard, confirmed that Vanguard has completed its purchase of Just Invest, in the wake of a 1.5-year pilot direct indexing Vanguard program that's powered by Just Invest. That deal was unveiled back in July. 

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