After selling itself to Bank of America in October of 1987, Robertson Stephens Investment Management, the investment management unit of Robertson Stephens & Company, will return to private ownership. A group of investors led by G. Randy Hecht, the current president and ceo and other senior managers agreed to take private the San Francisco-based investment manager with approximately $4 billion under management for an undisclosed sum.
The repurchase is expected to close during the first quarter of 1999. Hecht will serve as the firm's new chairman and ceo and, according to a November 20th online letter to Robertson Stephens shareholders, several senior managers will remain in place. The corporate name will be shortened to RS Funds, to simplify the brand name, said the letter.