Berwyn, Pa., may be a couple of hours drive south of Wall Street, but Turner Investment Partners is hoping to dive right into the nation's financial hub with the preliminary filing of documents for its intended initial public offering on the New York Stock Exchange. Turner filed for the IPO with the Securities and Exchange Commission on Sept. 18.
While Turner indicated it hopes to raise $150 million, other details of its IPO have yet to be determined. For instance, the filing does not yet include previously undisclosed details on top executives' salaries. Nonetheless, Goldman Sachs has been chosen as the sole underwriter for the niche investment firm, which has more than $25.2 billion under management in both institutional and retail mutual funds as well as separate accounts. Moreover, the firm will use the proceeds of the offering to acquire outstanding shares of Turner Investment Partners and morph the firm into the new Turner Investments.