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Rating:Hungry for Deals, Roosevelt Taps an M&A Point Man Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, March 29, 2010

Hungry for Deals, Roosevelt Taps an M&A Point Man

Reported by Armie Margaret Lee

The Roosevelt Investment Group is looking to make two to four acquisitions within the next four years and has brought on board M&A expert David Chalfin to help bring that vision to fruition. Chalfin joined Roosevelt last month as managing director of strategic planning and corporate development. His mandate is to help the New York-based firm grow through acquisitions and strategic partnerships.

"We've done two deals in the company's history," said Adam Sheer, president of Roosevelt, which has been around since 1990. "It's not our core competency. We don't have the time nor expertise to structure deals."

Chalfin had worked at New York Life, where he led the acquisitions of Institutional Capital Corporation and McMorgan & Co. He also oversaw the sale of New York Life's health care subsidiary. Chalfin also did a stint at Asset Management Finance. He started his career as a corporate attorney at Debevoise & Plimpton.

The mutual fund space is among the areas Roosevelt is looking at for possible deals, according to Sheer.

Roosevelt has one mutual fund, the $142 million Roosevelt Multi-Cap Fund. The firm also manages money for pension funds, endowments, corporations and private clients. Roosevelt has a total of $5 billion of AUM.

Sheer's father Arthur started the firm in 1990. In 2002, the company, then known as Sheer Asset Management, purchased Roosevelt Investment Group and adopted the Roosevelt name. In 2007, Roosevelt bought Ehrlich Meyer, an SMA manager.

"We're looking for a select few acquisitions," said Adam Sheer. "We're not looking to do a roll-up. We're not looking to compete with the AMGs of the world."

The ideal acquisition candidate would have $100 million to $300 million of AUM, he said. 

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