BrightSphere Investment Group
Boston, Massachusetts , U.S. | |
Key people | Suren Rana (CEO) |
|---|---|
| Revenue |  US$417.2 million (2022) |
 US$167.9 million (2022) | |
| US$100.6 million (2022) | |
| Total assets | US$518.7 million (2022) |
| Total equity | US$−21.6 million (2022) |
| Subsidiaries | Acadian Asset Management |
| Website | www |
BrightSphere Investment Group Inc. (previously United Asset Management and Old Mutual Asset Management) is an American
Background
The company was founded in 1980 as United Asset Management (UAM) by Norton Reamer, who previously had served as the CEO of Putnam Investments.[1][2] The company was the first major firm with a business model that consisted of purchasing a number of money management firms.[3]
UAM's strategy was to purchase a variety of investment management firms, and then keep a portion of the firms' profits. They allowed each company to operate autonomously and did not close poorly performing units. More than half of UAM's assets were retirement funds.
In 1992, UAM acquired Acadian Asset Management.[6]
In September 2000, UAM was purchased by Old Mutual for US$1.46 billion in cash. Old Mutual also assumed UAM net debt of around US$769 million.[2] The company was then renamed Old Mutual Asset Management (OMAN).[7]
In June 2016, OMAN acquired 60% of Landmark Partners for $240 million.[8]
On October 15, 2014, OMAN held an initial public offering on the New York Stock Exchange.[9]
In March 2018, the company rebranded itself as Brightsphere Investment Group.[10]
In November 2018, Paulson & Co. acquired a 25% stake of Brightsphere Investment Group from HNA Group which acquired it in 2017.[11]
In June 2020, Brightsphere Investment Group became a member of the S&P 600.[12]
In 2021, the company sold its interest in most of its holding companies. On June 2, Landmark Partners was sold to
References
- ^ a b Weintraub, Arlene (March 15, 1998). "United Asset Hopes Its First-Aid Plan Will Stop the Bleeding". The New York Times. Retrieved November 22, 2011.
- ^ a b c Thakray, Rachelle (June 20, 2000). "Old Mutual extends US reach". The Independent. Archived from the original on November 4, 2012. Retrieved 18 April 2011.
- ^ Campbell, John (Spring 1997). "Inside the Market for Private Businesses". Regional Review. 7 (2).
- ISBN 978-0-471-81562-4
- ^ Wayne, Leslie (January 17, 1994). "United Asset: Little-Known Financial Giant". The New York Times. Retrieved November 22, 2011.
- ^ "United Asset Management reports earnings for Qtr to Sept 30 (Published 1992)". The New York Times. 1992-11-06. Retrieved 2023-08-21.
- ISBN 978-1-84844-684-7
- ^ "Old Mutual U.S. Unit Buys $240 Million Landmark Partners Stake". Bloomberg.com. 2016-06-14. Retrieved 2023-08-21.
- ^ Bray, Chad (2014-10-09). "Old Mutual's Asset Management Arm I.P.O. Priced Low at $14 a Share". DealBook. Retrieved 2023-08-21.
- ^ "BRIEF-Omam Plans To Rebrand As Brightsphere Investment Group PLC". Reuters. 2018-03-02. Retrieved 2020-02-12.
- ISSN 0099-9660. Retrieved 2023-08-21.
- ^ "S&P Dow Jones Indices Announces Tyler Technologies, Bio-Rad Laboratories and Teledyne Technologies Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600". News Release Archive. Retrieved 2023-08-21.
- ^ "Ares Management Corporation Completes Acquisition of Landmark Partners". www.businesswire.com. 2021-06-02. Retrieved 2023-08-21.
- ^ "BrightSphere Investment Group Inc. Completes Sale of Affiliates Thompson, Siegel & Walmsley, LLC and Investment Counselors of Maryland, LLC". www.businesswire.com. 2021-07-22. Retrieved 2023-08-21.
- ^ Management, J. P. Morgan Asset. "J.P. Morgan Asset Management Acquires Campbell Global, a Leading Player in Forest Management and Timberland Investing". www.prnewswire.com (Press release). Retrieved 2023-08-21.