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

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

Rating:Delaware Lops Off UK Investment Arm Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, May 5, 2004

Delaware Lops Off UK Investment Arm

Reported by Theresa Sim

Delaware Investments has agreed to sell Delaware International Advisers Ltd. (DIAL), its international investment unit, to DIAL managers and private equity firm Hellman & Friedman for $172 million in cash and $27 million in assumed obligations. Delaware expects $46 million after taxes as a result of the sale.

DIAL contributed $3.5 million to Delaware's first quarter earnings.

David Tilles, DIAL's current managing director and chief investment officer, will head the new company. Ninety London-based employees will continue to work for the new company, and 14 Philadelphia-based employees providing client services, marketing and consultant relations support to DIAL will be offered jobs by the new company.

Prior to the sale, DIAL managed $26 billion in assets; $19 billion in institutional assets will move with the company and $7 billion in retail assets will remain managed by Delaware, said spokesman Tom Gariepy. Delaware plans on recommending DIAL as a subadvisor to the retail assets to its boards. Delaware Investments managed $110 billion in assets as of March 31, 2004.

"[T]hrough subadvisory arrangements, we look forward to maintaining an ongoing relationship with those managers" said Jude T. Driscoll, Delaware chief executive officer.

"DIAL has always been a part of Delaware that has been geographically separate…[and] had operational independence…this is a group that has always valued its independence and expressed a desire to grow by increasing their independence" said Gariepy. Through the sale, "we are compensated for their leaving, our clients are served, and they get the independence they want" added Gariepy. 

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

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q4Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
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. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use