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Wednesday, June 29, 2016|
Bingaman Refocuses Diamond Hill 100 Percent On Investment Management
Though CEO Chris Bingaman is selling off a piece of Diamond Hill Investment Group [profile], it's business as usual for the rest of the shop.
Last week independent mutual fund support shop Portland, Maine-based Foreside Financial Group unveiled a deal to buy Columbus, Ohio-based Diamond Hill's Beacon Hill Fund Services unit. The 22-person Beacon Hill team will integrate in with Foreside.
A spokeswoman for Diamond Hill (a publicly-traded mutual fund shop) confirms that the deal, expected to close on July 31, "will have no impact" on Diamond Hill's operations.
"[Beacon Hill] will continue to provide fund services to Diamond Hill," the spokeswoman tells MFWire. "We believe that Foreside will be a better strategic partner for Beacon Hill, allowing them to grow their business and add scale and allowing us to focus 100% of our resources on investment management."
And the Diamond Hill folks also revealed, via an SEC filing, that Beacon Hill "has not been material to the Company's overall financial results, making up less than 4 percent of revenues and less than 1 percent of net operating income over each of the three most recent fiscal years." Diamond Hill brought in $124.4 million in revenue overall last year, netting $37.1 million in income.
Printed from: MFWire.com/story.asp?s=54330
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