Under the deal, announced today, Turner will oversee sales, marketing, operations and customer service for the BIAM product. Turner manages $8 billion in mutual funds and separately managed accounts.
"Our clients and sponsors in this arena have been asking for a strong, international equity investment strategy, and we had been looking for a way to deliver this capability that wouldnt interfere with our current investment management teams nor jeopardize our independence," Turner President Stephen Kneeley said in a statement.
Likewise, Denis Curran, president of BIAMs international business, said that his firm has been "interested in getting into the managed accounts market for quite some time."
- He said the alliance is ideal because BIAM will "focus on delivering our international investment expertise to a new group of clients while Turner provides the all-important sales, servicing and operational backup."
"Its a win-win scenario," Kneeley said.