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.
iM Global Is Buying U.S. Asset Manager Litman Gregory
The acquisition of the $6.2 billion firm is part of Paris-based iM Global’s U.S. expansion plans. March 09, 2021
iM Global Partner will acquire Litman Gregory, a boutique asset manager based in the San Francisco Bay Area. (David Paul Morris/Bloomberg)
Sponsored
France’s iM Global Partner is buying asset manager Litman Gregory as part of its push to expand in the U.S., a deal that will bring its total assets to $24 billion.
Litman Gregory, based in Walnut Creek, California, has a total of $6.2 billion under management and advisory, according to an iM Global statement expected to be released Tuesday. While iM Global typically purchases minority stakes in fund managers, the firm is buying all of Litman Gregory in a deal that gives it a U.S. distribution platform for mutual funds and exchange-traded funds, according to Jeff Seeley, who heads up iM Global’s U.S. business.
Graceland Fruit Sees Sweet Growth Potential 9and10news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 9and10news.com Daily Mail and Mail on Sunday newspapers.
mmcilwain@sungazette.com
MARK NANCE/Sun-Gazette
Piano instructor Diane Havrilla of Williamsport, left, teaches a new song to seventh grader Sienna Terpak, daughter of Christopher and Cheryl Terpak of Loyalsock Township at St John s School of the Arts in Newberry recently.
Sounds of familiar instruments, young talented voices and ballerinas dancing should soon be able to be heard again at Saint John’s School of the Arts, on Newberry Street in the city, with the celebration their 25th year of service and classes for local children, teens and adults with the start of their second semester of online and in-person classes on Jan. 5.