Phoenix Investment Partners has signed an agreement to acquire a majority interest in Los Angeles-based Kayne Anderson Rudnick Investment Management, LLC. The addition supports Phoenixs managed account growth strategy, according to the company.
Kayne Anderson Rudnick, which has over $7 billion in assets under management in a broad range of equity and fixed income products, caters to the managed account, high-net-worth- and institutional markets.
"Kayne Anderson Rudnicks sponsored managed account business, combines with Phoenixs exisiting capabilities, will enhance this segment of our retail business," said Philip McLoughlin, CEO of Phoenix, in a statement.
Phoenix will initially acquire 60% of Kayne Anderson Rudnick and has the option to acquire an additional 15% by 2007. The firms did not disclose the details of the transaction. It is expected to close in the first quarter of 2002.
Kayne Anderson Rudnicks investment operations will not change as a result of the transaction, according to Phoenix.
Following the completion of this transaction and the acquisition of Capital West Asset Management, which was announced in October, Phoenix Investment Partners will have 11 investment affiliates, with seven of them offering managed account programs.