Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:A $33B-AUM PE Buys a Fund Distributor Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, July 07, 2021

A $33B-AUM PE Buys a Fund Distributor

Reported by Neil Anderson, Managing Editor

A private equity firm with about $33 billion in AUM is buying a mutual fund distributor that also does other back-office work for the industry.

Richard John "Rich" Berthy
Foreside Financial Group, LLC
Founder, CEO
Today Rich Berthy (CEO of Foreside Financial Group, LLC), Sid Ramakrishnan (principal of Genstar Capital), Tony Salewski (managing director of Genstar), Spencer Hoffman (partner at Lovell Minnick Partners), and Jason Barg (also a partner at LMP) confirm that San Francisco-based Genstar has agreed to buy Philadelphia-based LMP's majority stake in Portland, Maine-based Foreside. Pricing terms of the deal, which is expected to close this quarter, were not disclosed.

Raymond James advised Foreside on the deal. On the legal side, Morgan Lewis advised Foreside, while Willkie Farr & Gallagher advised Genstar.

Under the Genstar-LMP deal, Berthy and David Whitaker, Foreside's president, will both stay on and remain shareholders of the firm. The new deal comes four years after LMP bought its majority stake in Foreside. (Berthy previously was Foreside's majority shareholder.) Foreside was founded in 2005 and now distributes more than $1 trillion in assets.

Genstar may be familiar to some fundsters. The PE firm already backs Ascensus (a 401(k) recordkeeper, 529, and IRA shop), Cetera, ISS, Mercer Advisors, and Orion.

Berthy describes the Genstar deal as a new chapter for Foreside, which continues to make its own acquisitions.

"We share a strategic vision to broader our current scope of products and services, underscored by the belief that there remains a significant need for outsourced fund and GRC services in the market," Berthy states.

Ramakrishnan praises Foreside as "one of the most respected outsourced solutions providers to many of the world's leading asset and wealth managers." Salewksi calls the deal "a signature Genstar transaction, representing an opportunity to invest in a high-quality business in the asset and wealth management ecosystem supported by compelling secular GRC tailwinds." 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

5.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2021
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use