Berger LLC, the advisor to the Denver-based Berger Funds and a subsidiary of Stilwell Financial, announced today that it will acquire an institutional management firm from Prudential Financial and will change its name to Berger Financial to reflect its diversifed interests.

Berger has agreed to acquire a majority interest in Enhanced Investment Technologies (INTECH), a Palm Beach Gardens, Fla. technology firm that provides computer generated investment strategies. INTECH’s leadership will retain a minority interest in the company. The terms of the deal were not disclosed.

The acquisition comes on the heels of Berger’s announcement last month that it will acquire Bay Isle Financial, a value shop that significantly increased Berger’s stake in the value sector, adding approximately $1 billion in assets.

"With the expectation of a lower return environment going forward, we believe it is important for Berger to develop a broader set of capabilities," said Jack Thompson, Berger’s CEO and president. That broader set of capabilities is the reason Berger LLC will change its name to Berger Financial, he said.

INTECH’s system is designed to provide long-term returns while controlling risk and trading costs. Itsportfolios include large-cap growth and core, large-cap value and enhanced index products, according to the company.

Including the assets it picked up through the Bay Isle acquisition, Berger Financial held $14 billion in assets under management as of Dec. 31, the company said.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.