AMVESCAP of London announced today 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 Mutuals acquisition of United Asset Management of Boston.
Pell Rudman will retain its name, executives and investment team members, and will be the foundation of AMVESCAPs recently formed private wealth management division, said AMVESCAP. Donald J. Herrema will continue to oversee AMVESCAPs wealth management division.
The deal is expected to close in the third quarter of 2001.
AMVESCAP is the parent company of AIM Funds of Houston and INVESCO Funds of Denver.