BSAM already manages some $23 billion in assets – the fixed income group at TimesSquare manages $6 billion, officials there say. TimesSquare has impressive track records in core and core-plus strategies, and BSAM officials believe that those track records can be translated into substantial new assets given a significantly elevated level of marketing and other support.
“It’s a perfect complement to our existing capability,” says Rich Marin, chairman and CEO of BSAM. “Institutional investors have faced an ever-narrowing choice of managers in core and core-plus these last years, and that’s a trend most of them would prefer to see reversed – TimesSquare’s historic performance and Bear Stearns’ institutional commitment will give them another very meaningful option.”
This is the fourth such acquisition in a short period of time for BSAM. In February this year BSAM bought Measurisk, a provider of risk measurement solutions; in June it acquired the private equity business of BDC financial, and in September BSAM bought 50% of Migdal Capital Markets.