Somewhat ironically, Dallas-based Gulfstream specializes in international equities. The employee-owned firm has some $300 million in assets under management. After Federal Reserve approval and final closing of the transaction, WestAM will manage approximately $2 billion in international equity assets worldwide on behalf of institutional clients, according to the company.
Gulfstream will operate under the WestAM name and retain the existing management team, according to Donald W. Phillips, head of WestAM (USA).
WestAM is the asset management unit of Germany’s fourth largest bank, Westdeutsche Landesbank.
WestAM began its US expansion last year with the acquisition of Houston-based Criterion Investment Management, a $9.6 billion fixed income manager. In July, they acquired the private equity business of Forstmann-Leff, International.
In July, Phillips told PLANSPONSOR.com that they were “?very close to a deal with an international EAFE-style management firm”, the next step in their expansion plans.
WestAM currently manages $33 billion in assets for more than 500 institutions worldwide.
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