AMVESCAP Purchases Stein Roe Investment Counsel LLC
March 01 2004 - 2:34PM
PR Newswire (US)
AMVESCAP Purchases Stein Roe Investment Counsel LLC To Integrate
Into Atlantic Trust Private Wealth Management Division LONDON,
March 1 /PRNewswire-FirstCall/ -- AMVESCAP PLC announced today it
has completed its acquisition of Stein Roe Investment Counsel LLC.
Stein Roe Investment Counsel, with offices in Chicago, New York,
Newport Beach, and San Francisco, will become part of the Atlantic
Trust Group, the private wealth management division of AMVESCAP.
Upon integration, Stein Roe Investment Counsel will add
approximately $7 billion in assets under management to Atlantic
Trust. Stein Roe Investment Counsel traces its origins to 1932 when
a wealthy Chicago family became the first clients of Sydney Stein,
Jr. and Frederick Roe. Today, it is one of the largest U.S.-based
independent investment counseling firms, focused on managing
capital and providing advisory services for high net worth
individuals and families, charities, and other institutions. John
"Jack" S. Markwalter, Jr. will serve as the president and chief
executive officer of the combined company, Atlantic Trust Group.
William E. Rankin, former president and chief executive officer of
Stein Roe Investment Counsel LLC, will be chairman of the
management committee of Atlantic Trust Group and serve as chief
executive officer of Stein Roe Investment Counsel, Inc. "With the
completion of our acquisition of Stein Roe Investment Counsel,
Atlantic Trust is even better positioned to serve the wealth
management needs of our high net worth clients through our now 13
offices located across the United States," commented Markwalter.
"Combined, our dedicated and talented team of professionals will
manage in excess of $16 billion in client assets." Rankin added,
"We are pleased to be bringing together two firms with such similar
cultures and client focus. Our combined group of experienced
professionals has a very similar approach to providing our clients
with superior wealth management services, which will lead to a
successful integration." About Atlantic Trust Group Atlantic Trust
Group, Inc., a division of AMVESCAP, is a leading wealth management
firm that provides comprehensive asset management and financial
advisory services to private clients around the world. Atlantic
TrustGroup manages wealth for individuals and families, and
provides asset management services to foundations and endowments.
With the addition of Stein Roe Investment Counsel, Inc., the Group
has over $16 billion in assets under management (as of December 31,
2003). Atlantic Trust Private Wealth Management and Stein Roe
Investment Counsel provide investment management, asset allocation,
trust, custody, and family office services through offices in New
York, Boston, Chicago, Atlanta, San Francisco, Houston, Palm Beach,
Austin, Winston-Salem, Baltimore, Denver, Newport Beach, and
Washington, D.C. For more information, please visit
http://www.atlantictrust.com/ and http://www.sric.net/ . About
AMVESCAP AMVESCAP is a leading independent global investment
manager, dedicated to helping people worldwide build their
financial security. Operating under the Atlantic Trust, AIM, and
INVESCO brands, AMVESCAP strives to deliver outstanding investment
performance and service through a comprehensive array of retail and
institutional products for clients in more than 100 countries. The
company is listed on the London, New York, Paris, and Toronto stock
exchanges with the symbol "AVZ." For more information, please visit
http://www.amvescap.com/ . Cambridge International Partners, Inc.
acted as financial advisor to AMVESCAP in this transaction.
DATASOURCE: AMVESCAP CONTACT: Marsha L. Askins, Director of
Marketing & Communications of Atlantic Trust Private Wealth
Management, +1-212-259-3820, or Web site: http://www.amvescap.com/
http://www.atlantictrust.com/ http://www.sric.net/
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