French Asset Manager iM Global Partner to Acquire Litman Gregory
iM Global will use the asset management firm, which has about $4 billion in assets under management, as an extension of its distribution subsidiary, iM Global U.S., and plans to keep the wealth management unit independent.
A French asset manager has made its first foray into the U.S. wealth management market. Paris-based iM Global Partner announced plans this week to buy Litman Gregory, a wealth management and asset management firm in Walnut Creek, Calif.
iM Global Partner will take a 100% stake in Litman Gregory, which is currently owned by 12 remaining shareholders, four of which are retired, and Rosemont Investment Partners, a boutique private equity firm in Larkspur, Calif. that took a minority investment in 2013.