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 |
|
Monday, June 18, 2001 The Music of Millions In a move on the high net worth market, Nuveen will acquire Symphony Asset Management from BARRA for $210 million in cash. Citing the growth and importance of alternative investment portfolios, Timothy Schwertfeger, Nuveen's chairman and chief executive officer said, "We see the potential to draw upon Symphony's expertise as we serve financial advisors working with affluent and high-net-worth individuals." The San Francisco-based institutional money manager has over $4 billion in assets under management. The all-cash deal includes the possibility of additional payments for Symphony, if the firm meets performance and growth targets. The transaction, which should be completed within the next 60 days, is expected to be accretive to Nuveen's earnings in the first 12 months. "Nuveen has structured the transaction in a way that ensures the long-term retention of all of our key people," said Jeffrey Skelton, Symphony's president and chief executive officer. Printed from: MFWire.com/story.asp?s=26725 Copyright 2001, InvestmentWires, Inc. All Rights Reserved |