On November 14, 2016, Teton Advisors, Inc. announced that it had agreed to acquire Keeley Asset Management Corp.
Under the terms of the agreement, Keeley Asset Management Corp. (“Keeley”) will be renamed Keeley Teton Advisors, LLC. It will continue its operations and retain its current employees in its Chicago office. The combined firms will have $4 billion in assets under management. The acquisition is subject to regulatory and client approvals, including by Keeley fund shareholders. The transaction is expected to close in the first quarter of 2017.
Teton Advisors, Inc. (“Teton”) is a Rye, New York based multi-strategy investment advisor. Teton is a registered investment advisor to seven open-ended mutual funds and offers both funds and separately managed accounts to individuals and institutions. As of November 14, Teton’s assets under management were approximately $1.5 billion.
Keeley, founded in 1982 by John L. Keely, Jr., is a privately owned asset management firm based in Chicago. Keeley’s clients include institutional, individuals and family trusts and the KEELEY Funds, an open-ended publicly traded group of mutual funds. As of September 30, Keeley had over $2.5 billion in assets under management.
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