May 27, 2011

Amundi SA to Acquire 37% Stake in SBI Funds

On May 23, 2011, dnaindia.com reported that European asset management firm Amundi SA will acquire a 37% stake in SBI Funds Management.

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May 27, 2011

First Asset Management Sells Trient Asset Management

On May 26, 2011, pionline.com reported that Knut Kjaer and three other people had acquired Trient Asset Management from First Asset Management.

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May 27, 2011

Citic Securities to Sell Stake in China Asset Management

On May 25, 2011, WSJ.com reported that Hong Kong-based Citic Securities Co. plans to sell a 51% stake in its wholly owned asset management company in order to meet Chinese regulatory requirements.

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May 27, 2011

Fieldpoint Private Bank Acquires Analytic Asset Management

On May 26, 2011, Fieldpoint Private Bank & Trust announced the completion of its acquisition of New York-based registered investment advisor Analytic Asset Management, Inc.

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May 26, 2011

Fund-of-Funds Saguenay and Strathmore to Merge

On May 23, 2011, pionline.com reported that hedge fund-of-funds managers Saguenay Capital (an S&K client) and Strathmore Capital will merge to create Saguenay Strathmore Capital.

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May 23, 2011

China Development Bank to Purchase Stake in TPG Capital

On May 23, 2011, Bloomberg News reported that China Development Bank Corp. had agreed to acquire a stake in U.S.-based buyout firm TPG Capital.

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May 23, 2011

Capmark’s Stake in Real Estate Fund Sold for $12.7M

On May 18, 2011, Law360.com reported that a bankruptcy judge had approved the sale of Capmark Financial Group Inc.’s management stake in a $1 billion  real estate debt investment fund to Normandy Real Estate Partners.

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May 20, 2011

PwC 2011 US Financial Services M&A Insights

PwC published a report entitled “Positioning for Growth – 2011 US Financial Services M&A Insights”, concluding in part that there will be a 2011 pick up in M&A activity across all sectors of the financial services industry, and noting that alternate investment managers are attractive targets for private equity firms.

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May 20, 2011

BlackRock Buys Back BofA Stake

On May 19, 2011 Businessweek.com reported that BlackRock Inc. had agreed to purchase Bank of America Corp.’s remaining 13.6 million shares of BlackRock for approximately $2.5 billion.

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May 19, 2011

Provident Bank to Acquire Beacon Asset Management

On May 19, 2011, The Provident Bank announced that it had signed a definitive agreement to acquire all of the capital stock of New Jersey-based Beacon Trust Company and Beacon Global Asset Management, Inc. for up to $10.5 million.

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