AMVESCAP of London announced last week that it will acquire Pell Rudman & Co. of Boston from Old Mutual PLC, also of London, in a multi-year purchase arrangement which includes a $172 million cash payment and potential asset retention payments of up to $28 million over the next two years.

Pell Rudman, with $8 billion in assets under management, manages investments for high-net-worth individuals and families, as well as for foundations and endowments. The firm became part of Old Mutual last year through Old Mutual's acquisition of United Asset Management of Boston.

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