(Reuters) – American Beacon Advisors Inc, a manager of mutual funds owned by buyout firms Pharos Capital Group LLC and TPG Capital LP, is exploring a sale that could value it at more than $600 million, including debt, according to people familiar with the matter.
An auction for American Beacon is currently underway and is being managed by investment bank JPMorgan Chase & Co, the people said this week. Private equity firms are among the prospective buyers, the people added.
The people asked not to be identified because the sale process is not public. Pharos declined to comment while spokespeople for TPG, American Beacon and JPMorgan did not immediately respond to requests for comment.
Founded in 1986, Fort Worth, Texas-based American Beacon manages a series of mutual funds open to institutional investors, retirement accounts and individual investors. It had $60.1 billion in assets under management as of the end of June.
In 2008, AMR Corp, the former parent of American Airlines Group Inc, sold American Beacon, which at the time operated as its asset-management subsidiary, to Pharos and TPG for $480 million. AMR kept a small stake in American Beacon as part of that deal.
Private equity dealmaking in the U.S. asset management sector has largely been elusive. One prominent deal last year was Carlyle Group LP’s acquisition of bond manager TCW Group Inc from France’s Societe Generale.