French Boutique backer iM Global Partner acquires U.S. asset manager Litman Gregory Wednesday, March 10, 2021
Laxman Pai, Opalesque Asia:
French asset manager iM Global has bought Litman Gregory, a San Francisco Bay Area wealth and asset management boutique as part of a plan to hit $100bn in assets over the next seven years.
Litman Gregory, based in Walnut Creek, California, has $4 billion in assets under management and overseeing $2.2 billion of assets under advisory. iM Global Partner, founded by Philippe Couvrecelle in 2013, had around $20 billion of assets under management as of December 2020.
The addition of Litman Gregory in the U.S. is expected to bring assets under management of the group to over $24 billion and will enhance distribution capabilities in the U.S. It further demonstrates iM Global Partner s commitment to continued cross-border growth in serving the needs of sophisticated investors, claimed a press release.
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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)
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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.
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