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Tuesday, November 23, 2021|
A $230B-AUM Firm Buys a 17-Year-Old Shop
A publicly traded firm's $230-billion-AUM (as of September 30) asset management arm is poised to buy a 17-year-old small and smid cap growth investing shop in Oregon.
Pricing and terms of the deal, which is expected to close in Q1 2022, were not publicly disclosed, and the price tag is not expected to be financially material to Voya.
Richard Johnson, CEO and chief investment officer at TCM, and Jeff Curtis, president and chief financial officer, founded the firm in 2004, and they are its principal owners. The entire TCM team is expected to come over as part of the deal, while remaining in Portland. (That includes Curtis and Johnson, as well as PMs Mitchell Brivic, Michael Coyne, and Scott Haugan.) Johnson and Curtis will report to Voya IM's equities co-CIOs, Vincent Costa and Michael Pytosh.
The bulk of TCM's AUM is in its flagship mutual fund, the TCM Small Cap Growth Fund, which held $520 million in AUM as of October 31. Pending shareholder approval, that fund will be transformed into a new fund, the Voya Small Cap Growth Fund, in Q2 2022.
"Small-Cap Growth is an important focus and an area where active managers like Voya can generate meaningful alpha for investors," Hurtsellers stats. "The accomplished team at TCM is a great addition to our active equity platform and aligns well with our key tenets: collaboration, client-centricity, and a focus on generating compelling risk-adjusted results."
"This is a great opportunity for our team to enhance our ability to produce long-term performance for our clients. Over the next few months, we will work to ensure a smooth transition," Johnson states. "With access to enhanced resources, our talented portfolio managers will continue to be laser-focused on generating alpha."
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