Administration March 4, 2003
Amvescap Acquires Pell Rudman
April 27, 2001 (PLANSPONSOR.com) - 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.
Reported by Camilla Klein
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: