The management team at C.S. McKee & Company have bought the firm from its parent company, London-based Old Mutual plc, executives said today.
McKee, which oversees about $2 billion in assets, had been part of United Asset Management Corp. beginning in 1997 and had become part of Old Mutual in September of 2000 when Old Mutual acquired UAM.
McKees management team will now own 100% of the company. Terms of the deal were not disclosed. The move is congruent with a restructuring among Old Mutuals companies. Pilgrim Baxter & Associates, also owned by Old Mutual, said yesterday that it has re-branded two of its funds that had until recently been part of the UAM fund family.