Adding to its high-net-worth line of products, OppenheimerFunds parent corporation, Oppenheimer Acquisition Corp., will acquire Gulf Investment Management, Inc., a Houston-based separate account manager, the company announced today.
"Managed account assets have grown better than 25% a year for the last five years," said John Murphy CEO of OppenheimerFunds, in a statement. "The Gulf acquisition is a continuation of our strategy to expand our relationship with our high-net-worth investors and their advisors."
With the acquisition of Gulf Investment Management, Oppenheimer picks up a large cap value manager with approximately $2.5 billion in assets, 75% of which are held in separate accounts. The remainder of the assets are held in corporate and public pensions, unions endowments and foundations, according to the company.
Terms of the deal were not disclosed. A company representative could not be reached in time for deadline.
Last July, Oppenheimer announced it would acquire hedge fund manager, Tremont Advisers, in a deal worth approximately $132.6 million. [See MFMN 7-10-01]
Gulf employs 18 people and will operate as a division of the company and keep its headquarters in Houston.