Lovell Minnick Partners and other investors in ClariVest Asset Management reached a deal to sell a 45% stake in the San Diego-based company to Eagle Asset Management. The PE firm had backed the asset manager since 2006.
Raymond James Affiliate Announces Agreement to Acquire 45% in ClariVest Asset Management
ST. PETERSBURG, FL – Eagle Asset Management, Inc. (“Eagle”) has announced a definitive agreement to purchase 45 percent of ClariVest Asset Management LLC (“ClariVest”) from Lovell Minnick Partners LLC (“Lovell Minnick”) and other minority investors, creating a strategic relationship and providing additional distribution opportunities for ClariVest products. The transaction is expected to be completed around the end of the calendar year.
San Diego-based ClariVest, launched in 2006, manages more than $3 billion in client assets and currently markets its investment services to corporate and public pension plans, foundations, endowments and Taft-Hartley clients worldwide. The principals of the firm have proven track records in quantitative-based investment strategies. ClariVest management’s ownership shares will remain unchanged.
“This transaction expands the breadth of Eagle’s investment management expertise while providing ClariVest with additional resources to continue growing and expanding its business,” said Richard Rossi, president of Eagle and co-chief operating officer.
“A shared focus on disciplined investment strategies executed by proven, experienced teams is a critical aspect of this investment,” added Cooper Abbott, co-chief operating officer and executive vice president of investments. “ClariVest clients can continue to rely on the same investment process they’ve grown to trust.”
ClariVest offers a diversified range of domestic, international, emerging markets and global products, combining stock selection with advanced risk control techniques to exploit market inefficiencies.
Stacey Nutt, Ph.D., President and Chief Investment Officer of ClariVest, commented on behalf of the investment team and firm, “We believe that this affiliation will best position our firm so as to ensure continued excellent client service, investment team focus, and firm continuity over what promises to be a bright future. We are extremely excited about this relationship.”
ClariVest has been a portfolio company of Lovell Minnick Partners since March 2006, when Lovell Minnick teamed with six former senior members of a global asset management firm to form an independent quantitative investment management business. Jim Minnick, President and Managing Director of Lovell Minnick, commented, “It has been a successful partnership for Lovell Minnick and the ClariVest team. Thanks to both management and employees for their hard work in growing and developing the company. We wish the team well in their future endeavors.”
About Eagle Asset Management, Inc.
Eagle Asset Management, a subsidiary of Raymond James Financial (NYSE:RJF), provides institutional and individual investors with a broad array of equity and fixed income products designed to meet long-term investing goals. The firm’s clients currently entrust more than $20 billion* in investment strategies designed to deliver above-average, risk-adjusted returns via both separately managed account and mutual fund platforms.