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Australia’s Pendal Group to acquire value firm from BrightSphere
Bloomberg
Multiboutique manager Pendal Group will acquire Richmond, Va.-based value equity manager Thompson, Siegel & Walmsley from BrightSphere Investment Group, the firms said Monday.
Sydney-based Pendal will buy BrightSphere s 75.1% stake in TSW as well as management s 24.9% stake in the firm for a combined $320 million, a Pendal news release said.
The deal is expected to close during the third quarter, pending regulatory and customary approvals.
John Reifsnider, TSW s CEO, will become CEO of Pendal s combined U.S. business, taking over leadership of the group s other U.S. business, JOHCM USA, from Nick Good, who was named Pendal Group CEO in March.