Fayez Sarofim Says "No Sale"

September 22, 2000 (PLANSPONSOR.com) - Houston-based institutional money manager Fayez Sarofim has taken itself off the block, pulling out of a potential deal with a European acquirer, people familiar with the situation told The Wall Street Journal.

The firm, with $44 billion in assets under management, had been close to a $900 million deal to sell itself to France’s Societe Generale SA and Spain’s Banco Santander Central Hispano SA.

People familiar with the deal said Sarofim, who controls the firm, had other offers but took the firm off the block. No reason was given, according to Dow Jones.

The firm is a specialist in growth-stock investing and manages money for big institutions as well as mutual funds.

Rumors of the talks emerged in the midst of a wave of foreign acquisitions of US money managers, including

  • CDC’s $1.87 billion acquisition of Nvest
  • Old Mutual’s $1.46 billion acquisition of United Asset Management
  • UniCredito Italiano SpA’s $1.27 billion acquisition of Pioneer Group
  • Axa/Alliance Capital’s $3.5 billion acquisition of Sanford C. Bernstein
  • UBS AG’s $12.2 billion acquisition of PaineWebber
  • ING Groep NV’s $5 billion acquisition of Aetna Financial Services.