Pendal Group has announced it has moved to acquire US-based value-oriented fund manager, Thompson, Siegal and Walmsley LLC.
Pendal announced to the Australian Securities Exchange (ASX) today that it had entered into an agreement to acquire 100% of the US fund manager for $413 million.
Confirming the move, Pendal Group chairman, James Evans described it as a strategic and compelling opportunity to acquire a highly successful complementary business which would create immediate value and facilitate growth opportunities in the US.
“The acquisition will deliver scale and diversification benefits for Pendal across investment capability, asset classes, geographies and distribution channels,” he said.
Thompson, Siegel and Walmsley operates out of Richmond, Virginia, and has $30.5 billion in funds under management.