McMorgan’s Managers Buy Company from New York Life

August 24, 2012

On August 24, 2012, Pensions and Investments reported that the management team of McMorgan & Co., a money management firm, had bought back the company from parent New York Life Investment Management for an undisclosed sum.

On August 24, 2012, Pensions and Investments reported that the management team of McMorgan & Co., a money management firm, had bought back the company from parent New York Life Investment Management for an undisclosed sum.  McMorgan focuses primarily on Taft-Hartley union clients, with approximately $4.6 billion in assets under management.  The CEO and the President of McMorgan, as well as the rest of the management team, acquired McMorgan on June 30.  In connection with the transaction, McMorgan’s real estate investment team, and the assets managed by that team, have joined New York Life Real Estate.  The terms of the transaction were not disclosed.

New York Life Investment Management purchased McMorgan in 2001, when the firm had approximately $27 billion in assets under management.  Although the terms of the transaction were not disclosed, it was reported that, at the time of the acquisition, some investment bankers speculated the purchase price to be approximately $400 million.

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Categories

Investment Manager M&A, Transactions