Amvescap, the Anglo-US fund manager, is moving into the mass affluent market with a vengeance, having announced on Friday that it is to buy US company Pell Rudman & Co, from Old Mutual, the South African financial services group, for US$172m in cash and potential asset retention payments of up to US$28m over two years.
Based in Boston, Pell Rudman provides asset management services to high net worth individuals, families, foundations and endowments. Established in 1980, the firm currently provides services including investment management, asset allocation and trust services to more than 550 clients from offices in Boston, Washington, Baltimore, Wilmington, Denver and Atlanta. The company had approximately US$8bn of funds under management as at March 31 2001.
Amvescap plans for Pell Rudman - which will retain its name - to be the foundation of its Private Wealth Management Division. Charles W Brady, chairman and CEO of Amvescap, said of the acquisition: 'Pell Rudman, with over 20 years of excellent client service and investment performance, is an ideal cornerstone on which to build our Private Wealth Management Division. This purchase achieves our strategic goal of establishing a strong foundation for future growth in this major segment of the asset management industry.'
Amvescap's Private Wealth Management Division is headed by Donald J Herrema, who said: 'The combination of the investment resources of Amvescap with the experience of Pell Rudman instantly provides us with an outstanding competitive platform. We can now expand our reach into this fast-growing segment of the industry with a broad range of sophisticated investment services for high net worth individuals and families.'
Ed Rudman, chairman and chief executive of Pell Rudman, added: 'We welcome this opportunity to join Amvescap....Our clients will immediately benefit from the significant resources and opportunities available from one of the few, truly global independent investment managers in the world.'
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