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

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

Rating:A Private Equity Firm Buys Part of Another Fund Firm Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, April 04, 2011

A Private Equity Firm Buys Part of Another Fund Firm

Reported by Neil Anderson, Managing Editor

Rosemont Investment Partners just bought a stake in another mutual fund firm. Today Durham, North Carolina-based Piedmont Investment Advisors revealed that Rosemont's Rosemont Partners II fund will buy a 30 percent stake in the institutional asset manager. Piedmont's employees will still own 70 percent of the firm.

Terms of the deal were not disclosed. Piedmont expects the sale to close by the end of April.

Piedmont offers a single mutual fund, the Corverus Strategic Equity Fund, which boasted more than $4.56 million as of December 31. The firm manages about $3.4 billion in total. And in 2007 Forward Management hired Piedmont to sub-advise the Forward Large Cap Equity Fund.

This is not Rosemont's first investment touching the mutual fund business. The West Conshohocken, Pennsylvania-based private equity firm uses the tagline "strategic capital to the asset management industry," and it already holds stakes in mutual fund sub-advisor Cadence Capital Management and mutual fund firm Southern Sun Asset Management. According to its web site, Rosemont normally invests "between $3 million and $20 million in equity in transactions resulting in equity stakes of 15 percent to 50 percent" and "prefers to be the sole outside investor in its portfolio companies."

"[Rosemont's] investment philosophy recognizes that the long-term value of their investments will be driven by partnering with management teams that control their destiny," stated Isaac Green, president and CEO of Piedmont. 

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

 Do You Recommend This Story?

Return to Top
 News Archives
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. 1997-2022
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use