BrightSphere Investment Group Inc. Completes Sale of Landmark Partners LLC
June 02 2021 - 4:25PM
Business Wire
BrightSphere Investment Group Inc. (NYSE: BSIG) today announced
that it has completed the sale of its 60% ownership interest in
Landmark Partners LLC (“Landmark”) to Ares Management Corporation
(NYSE: ARES). In connection with the sale, BrightSphere has also
transferred its co-investment interests in Landmark funds to Ares.
Total gross proceeds to BSIG from the transaction, which includes
proceeds from the transfer of its ownership equity and
co-investment interests, plus customary closing adjustments, were
$719 million, and anticipated after-tax proceeds are expected to be
approximately $625 million.
“The closing of this sale transaction provides an attractive new
home for Landmark as part of the Ares family while also providing
attractive value to our shareholders for our interests in Landmark.
After closing our other announced sale transactions in the coming
months, the Company will almost entirely comprise Acadian, which
has been generating sustained outperformance for its sophisticated
institutional clients for decades through its differentiated
quantitative strategies and solutions,” said Suren Rana, President
and Chief Executive Officer of BrightSphere.
About BrightSphere
BrightSphere is a diversified, global asset management company
with approximately $116 billion of assets under management as of
March 31, 20211. Through its world-class investment management
capabilities, BrightSphere offers sophisticated investors access to
a wide array of leading quantitative and solutions-based strategies
designed to meet a range of risk and return objectives. For more
information, please visit BrightSphere’s website at www.bsig.com.
Information that may be important to investors will be routinely
posted on our website.
1 Assets under management as of March 31, 2021 shown above
reflects the announced divestitures of Thompson Siegal &
Walmsley and Investment Counselors of Maryland, and gives effect
for the completed sale of Landmark Partners LLC, which was
completed on June 2, 2021.
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version on businesswire.com: https://www.businesswire.com/news/home/20210602006029/en/
Elie Sugarman ir@bsig.com (617) 369-7300
BrightSphere Investment (NYSE:BSIG)
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