BrightSphere Investment Group Inc. Announces Agreement to Sell Campbell Global, LLC
June 21 2021 - 1:36PM
Business Wire
BrightSphere Investment Group Inc. (NYSE: BSIG) today announced
that it has entered into a definitive agreement to sell its 75%
ownership interest in Campbell Global, LLC, (“Campbell”) to J.P.
Morgan Asset Management (“J.P. Morgan”), a division of JPMorgan
Chase & Co. (NYSE: JPM). As part of the transaction, J.P.
Morgan will also acquire the 25% ownership interest in Campbell
held by Campbell management. Financial terms of the transaction
were not disclosed.
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% of Strategies by Revenue Outperforming
vs Benchmarks as of Q1'21 (Graphic: Business Wire)
In addition to acquiring BrightSphere’s equity interest in
Campbell, J.P. Morgan has also agreed to acquire BrightSphere’s
co-investments in Campbell Funds. The transaction is subject to
customary closing conditions and is anticipated to close in the
third quarter of 2021.
Suren Rana, BrightSphere’s President and Chief Executive Officer
said, “This transaction decidedly transforms our business from a
multi-boutique asset manager to Acadian, a single, full-scale
differentiated business that is a market leader in the quant
sector. After the completion of the sale of Campbell Global and the
other announced sale transactions in the coming months,
BrightSphere’s sole business will be Acadian, with AUM of $111
billion as of March 31, 2021, which has been generating
outperformance across multiple time periods through its
quantitative strategies and solutions. As of March 31, 2021, 86%,
74%, 57%, 85% and 91% of Acadian’s strategies by revenue beat their
benchmarks over the prior QTD, 1-, 3-, 5-, and 10-year periods.
Additionally, the Company will have approximately $1.3 billion in
Pro Forma cash1.”
Morgan Stanley & Co. LLC acted as financial advisor to
BrightSphere on the transaction, while Ropes & Gray LLP served
as legal advisor to BrightSphere.
About BrightSphere
BrightSphere is a diversified, global asset management company.
Through Acadian Asset Management, its sole operating subsidiary
with approximately $111 billion of assets under management as of
March 31, 20212, BrightSphere offers institutional investors across
the globe 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 Pro forma cash balance comprised of $451 million of cash on
balance sheet as of 3/31, plus $625 million announced after tax
proceeds from the sale of Landmark, completed June 2, 2021, plus
$196 million anticipated after tax proceeds from the sale of
Thomson, Siegal and Walmsley. 2 Reflects the announced divestitures
of Campbell Global, 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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Elie Sugarman ir@bsig.com (617) 369-7300
BrightSphere Investment (NYSE:BSIG)
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