Touchstone Investments has entered into an agreement to acquire Constellation Investment Management for an undisclosed sum. The deal will add another $2.8 billion to Constellation's assets and a number of sub-advisors to Touchstone's current roster of managers.
Upon approval of Constellation's shareholders, Touchstone will become the advisor to all of its funds, and eventually those funds will be marketed under the Touchstone brand.
"The addition of Constellation Funds increases the range of funds we offer and fills the gaps in our current lineup with expert managers who have strong, long-term performance records," said James Grifo, president of Touchstone. "Beyond that, Constellation adds distribution channels that complement our existing relationships, so strategically, it's an ideal fit." Touchstone funds are distributed through broker/dealers, while Constellation funds are sold through registered investment advisors, private banks and 401(k)s.
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