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Anchorage Capital Group, an RIA with approximately $13.2 billion in assets under management
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Garrison Investment Group, a middle market credit, distressed and asset based investor with approximately $1.2 billion in assets under management
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Acquisition
(terms not disclosed)
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City of London Investment Group PLC (“CLIG”), with approximately $5 billion in funds under management
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Karpus Management, Inc., an RIA with approximately $3.5 billion in funds under management
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Merger agreement under which CLIG will acquire the issued share capital of Karpus. The consideration will consist of up to 24,118,400 CLIG ordinary shares, which equates to $99.6 million. The purchase will be structured as a merger of a wholly-owned subsidiary of CLIG into Karpus, with Karpus becoming a wholly owned subsidiary of CLIG.
(further terms not disclosed)
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Clearlake Capital Group, L.P., a private investment firm with approximately $24 billion in assets under management post-acquisition
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WhiteStar Asset Management, an investment management firm with approximately $6 billion of fee generating assets, from Pine Brook Capital Partners, an investment services firm that has approximately $3.6 billion in assets under management
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Acquisition of majority interest
(terms not disclosed)
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Emigrant Partners, LLC, a capital and advisory services partner that, with an affiliate, is partnered with 16 firms that oversee approximately $50 billion in assets under advisement
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Parallel Advisors, LLC, a financial planning and investment firm with approximately $3 billion in assets under management
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Acquisition of minority interest
(terms not disclosed)
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Management team at Evanston Capital, an alternative investment management firm with approximately $3 billion in assets under management
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TA Associates, a private equity firm that has raised approximately $33.5 billion in capital since inception
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Management team acquired minority equity stake owned by private investment funds affiliated with TA Associates
(terms not disclosed)
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Franklin Resources, Inc. (“Franklin Templeton”), an investment management organization with approximately $580 billion in assets under management
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AdvisorEngine, Inc., a digital wealth platform and provider of technology and consulting services to more than 1,200 wealth management firms that manage over than $600 billion in assets
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Acquisition
(terms not disclosed)
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J.P. Morgan Asset Management, a global asset manager for individuals, advisors, and institutions with $1.7 trillion in assets under management
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China International Fund Management Co. Ltd., a fund management company joint venture with $21.1 billion) in assets under management
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Acquisition of majority stake. JPMAM to become the first foreign manager to take a majority stake in a fund management joint venture on mainland China, winning approval to take an additional 2% stake in CIFM, lifting its share to 51%.
(terms not disclosed)
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LPL Financial LLC, a retail investment advisory firm and independent broker/dealer that has approximately $670 billion in advisory and brokerage assets
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E.I. Riley, a broker-dealer and RIA with approximately $2 billion in assets under management
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Acquisition structured as an asset purchase agreement that provides for both a payment at closing and potential contingent payments. LPL estimates a transaction multiple of ~6x post-synergy EBITDA.
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LPL Financial LLC, a retail investment advisory firm and independent broker/dealer that has approximately $670 billion in advisory and brokerage assets
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Lucia Securities, a broker-dealer and RIA with approximately $1.5 billion of client assets under management
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Acquisition structured as an asset purchase agreement that provides for both a payment at closing and potential contingent payments. LPL estimates a transaction multiple of ~6x post-synergy EBITDA.
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Management of Mariner Investment Group, LLC, an investment manager with approximately $10.8 billion in assets under management
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ORIX Corporation USA, a diversified financial company and a subsidiary of ORIX Corporation, based in Japan. ORIX Corporation has more than $365 billion in assets under management.
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Acquisition
(terms not disclosed)
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Mount Logan Capital Inc., an asset manager based in Canada that specializes in credit investment opportunities with a focus on opportunities in North America, and Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P., with approximately $4.5 billion in assets under management, as of December 31, 2019
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Resource America, Inc., an asset management company with approximately $4.3 billion in assets under management, as of May 18, 2020
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Acquisition of certain assets financed with a combination of cash, equity and debt
(further terms not disclosed)
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NFP Corp., an insurance broker and consultant
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Fiduciary Investment Advisors, an investment management firm that advises more than $95 billion in assets
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Acquisition
(terms not disclosed)
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Portman Ridge Finance Corporation (“Portman Ridge”), an externally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company
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Garrison Capital Inc. (“GARS”), an externally managed, non-diversified closed-end investment company that has elected to be regulated as a business development company
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Merger agreement under which Portman Ridge will deliver to GARS stockholders a combination of (i) newly issued Portman Ridge shares valued at 100% of Portman Ridge’s net asset value per share and (ii) $19.1 million in cash. Additionally, Sierra Crest Investment Management LLC, Portman Ridge’s investment manager, agreed to pay $5.0 million in cash to GARS stockholders. GARS stockholders are expected to receive approximately 105% of GARS’ net asset value per share based on the March 31, 2020 net asset value per share of GARS’ and Portman Ridge’s stock and aggregate cash consideration.
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Sumitomo Mitsui Banking, a financial institution with approximately ¥ 212.4 trillion in assets
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Ares Management, an alternative investment manager with approximately $149 billion in assets under management
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Acquisition of minority stake, 4.9%, for $384 million. Sumitomo will purchase 12.1 million common shares at $31.64 from Ares
(further terms not disclosed)
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