Amvescap Acquires Pell Rudman

April 27, 2001 ( - In line with its continuous effort to expand its private wealth management business, Amvescap has purchased Pell Rudman & Co from Old Mutual for an initial cash payment of $172 million and up to $28 million in potential asset retention payments over two years.

The acquisition of Pell Rudman, which manages $8 billion in assets belonging to over 550 wealthy clients, is set to close in September, subject to regulatory approval.

Buying Spree

The Pell Rudman purchase is the latest in Amvescap’s buying spree that includes:

  • its purchase of Canada’s Trimark Financial for £1.2 billion last year
  • the acquisition of Britain’s Perpetual PLC in a £1.0 billion takeover the same year
  • its acquisition of National Asset Management in April, and
  • its plans to purchase County Asset Management, an Australian institutional fund.

For more on Amvescap’s acquisitions see:

Amvescap Picks Up UK Fund Manager