MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, September 22, 1999 UAM Sells Separate Accounts Manager United Asset Management, the Boston-based financial services holding company has sold one of its affiliates, Nelson, Benson & Zellmer, Inc. (NBZ) to NBZ's principals. The company, based in Denver, handles approximately $220 million, mostly in separate accounts.
"UAM's policy is to not sell its affiliates except in those very rare cases where the transaction conforms with UAM's strategy while not adversely affecting the affiliate or its clients," said Norton Reamer, chairman and chief executive officer of UAM in a statement. "Part of our strategy is to invest alongside our partners," a corporate spokesman told the MFWire.com. "We've increased our interests in Pell Rudman & Co., an high-net-worth manager in the Colorado area in order to assist new product development, geographic expansion and back office infrastructure." Pell Rudman & Co. has $6.9 billion under management and opened a new office in Denver last year. "We're a very diversified firm," continued the spokesman. "The new investments we've made in the last year have been in mutual fund, institutional, and high-net-worth managers. In all we've increased our investments in 18 firms. It just depends on where we see the most promise." Reamer said that UAM has realized "an attractive return" from NBZ over the years but the firm's asset base has dwindled from $360 million at the end of 1998, according to Nelson's Directory of Investment Managers to the current $220 million. Printed from: MFWire.com/story.asp?s=24614 Copyright 1999, InvestmentWires, Inc. All Rights Reserved |