Global investment manager Amvescap of London announced Friday it will acquire U.S. wealth management firm Stein Roe Investment Counsel for $117.5 million in cash and stock

Stein Roe will become part of Atlantic Wealth Management, Amvescap’s private wealth division, to which it will contribute $7.3 billion in assets.

Under the terms of the deal, the $117.5 million payment includes 60% in cash and the remaining 40% in Amvescap ordinary shares, plus an additional payment of $43 million contingent upon client retention targeted revenue growth.

"This combination brings together a distinguished investment counseling firm with our integrated private wealth management and trust capabilities," Chief Executive and Chairman Donald Herrema said in a statement.

Amvescap currently has $345.2 billion in total assets under management and operates principally through the AIM , INVESCO, and Atlantic Trust brands.

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