Amvescap (NYSE:AVZ)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Amvescap Charts. Click Here for more Amvescap Charts.](/p.php?pid=staticchart&s=NY%5EAVZ&p=8&t=15)
AMVESCAP to Purchase Stein Roe Investment Counsel LLC
Plans to Integrate Into Private Wealth Management Division
LONDON, Nov. 20 /PRNewswire-FirstCall/ -- AMVESCAP PLC announced today it has
agreed to acquire Stein Roe Investment Counsel LLC (SRIC) from senior management
and Putnam Lovell Equity Partners L.P. SRIC, with offices in Chicago, New York,
Southern California, and San Francisco, will become a part of the Atlantic
Wealth Management Group, the private wealth management division of AMVESCAP,
which includes Atlantic Trust. Upon integration, SRIC will add an anticipated
$7.3 billion in assets under management to the Atlantic Wealth Management Group.
The purchase price includes a payment of $117.5 million, comprised of 60% in
cash and 40% in AMVESCAP ordinary shares, plus additional payments of up to
$43.0 million that are contingent upon meeting certain client retention and
revenue growth goals.
Stein Roe Investment Counsel traces its origins to 1932 when a wealthy Chicago
family became the first clients of Sydney Stein, Jr. and Frederick Roe. Today,
Stein Roe Investment Counsel LLC is one of the largest U.S.-based independent
investment counseling firms, focused on managing capital and providing advisory
services for high net worth individuals and families, charities, and other
institutions.
"This combination brings together a distinguished investment counseling firm
with our integrated private wealth management and trust capabilities," said
Donald J. Herrema, chairman and chief executive officer of Atlantic Wealth
Management Group. "Once integrated, we will be even better positioned to
provide current and future clients a unique and superior approach to managing
their wealth through 13 offices across the United States."
William E. Rankin, president and chief executive officer of Stein Roe Investment
Counsel LLC, added: "This is a compelling opportunity because it allows us to
bring together the unique tradition, skills, and capabilities of our two firms.
We believe this merger of skills combined with a deep coast- to-coast presence
exceeding $15 billion in assets under management will position us as a
significant presence in the wealth management marketplace."
About Atlantic Wealth Management Group
Atlantic Wealth Management Group, Inc., a division of AMVESCAP, is a leading
wealth management firm that provides comprehensive asset management and
financial advisory services to private clients around the world. With $9 billion
in assets under management (as of September 30, 2003), Atlantic Wealth
Management Group manages wealth for individuals and families, and provides asset
management services to foundations and endowments. Atlantic Trust Private Wealth
Management provides investment management, asset allocation, trust, custody, and
family office services. Atlantic Trust has offices in New York, Boston, Atlanta,
Houston, Palm Beach, Austin, North Carolina, Baltimore, Denver, and Washington,
D.C. For more information, please visit http://www.atlantictrust.com/ .
About AMVESCAP
AMVESCAP is a leading independent global investment manager, dedicated to
helping people worldwide build their financial security. Operating under the
Atlantic Trust, AIM, and INVESCO brands, AMVESCAP strives to deliver outstanding
investment performance and service through a comprehensive array of retail and
institutional products for clients in more than 100 countries. The company is
listed on the London, New York, Paris, and Toronto stock exchanges with the
symbol "AVZ". For more information, please visit http://www.amvescap.com/ .
AMVESCAP will apply, following closing, to the U.K. Listing Authority, for
admission of shares to the Official List. Cambridge International Partners,
Inc. acted as financial advisor to AMVESCAP in this transaction.
About Putnam Lovell Equity Partners LP
Putnam Lovell Equity Partners LP is managed by Putnam Lovell NBF Private Equity,
a private equity firm that provides growth capital to developing companies in
the financial services industry. Portfolio companies of Putnam Lovell NBF
Private Equity manage nearly $30 billion on behalf of institutional investors,
high net worth individuals and mutual fund clients. With offices in Los Angeles
and New York, Putnam Lovell NBF Private Equity sponsors and manages partnerships
totaling $150 million for qualified private and institutional investors and
co-manages $700 million in public securities. Putnam Lovell NBF Private Equity
is a trade name of Putnam Lovell Capital Partners Inc., which is an affiliate of
National Bank Financial Inc. and the National Bank of Canada. For more
information regarding Putnam Lovell NBF Private Equity visit
http://www.putnamlovellcapital.com/ .
DATASOURCE: AMVESCAP PLC
CONTACT: Marsha L. Askins, Director of Marketing & Communications of
Atlantic Trust Private Wealth Management, +1-212-259-3820, or e-mail,
Web site: http://www.putnamlovellcapital.com/
http://www.atlantictrust.com/
http://www.amvescap.com/