Victory Capital has signed an agreement to buy Munder Capital Management, including its wholly owned subsidiary Integrity Asset Management.
As a result, a new independent investment advisory firm will be established in Cleveland, Ohio, with over US$37 billion of assets under management and a lineup of investment offerings.
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Following the completion of the transaction, Victory chairman and CEO David Brown will be appointed as chairman and CEO of the new company, while its current president Christopher Ohmacht will serve as president.
Additionally, Munder current president Jim FitzGerald will become vice chairman of the new company.
Munder said that the investment teams and other personnel from all three firms will continue to operate from their respective locations in Cleveland, Ohio; Birmingham, Michigan; Cincinnati, Ohio; New York, New York; Boston, Massachusetts; Denver, Colorado; Tampa, Florida; and Rocky River, Ohio.
Commenting on the deal, Brown, said: "Both organizations value the same approach, with autonomous, chief investment officer-led investment teams that manage client assets in their own unique styles.
"By joining forces, we create an investment management firm that is even better positioned to achieve our clients’ goals and objectives for the long term."
Tony Dong, vice chairman, CIO and lead manager of Munder, added: "The new enterprise will provide a diversified platform of investment solutions that will allow us to continue to serve our clients."
Daniel Bandi, chief investment officer of Integrity, said: "Integrity was founded on the principle of providing consistent, superior performance fostered by a culture that is both independent and client-centric. This opportunity will allow us to continue delivering strong performance for our clients today in the same environment and, more importantly, in the future."
The transaction, which is expected to close by the end of the third quarter of 2014, is subject to customary closing conditions and consents, including the consent of certain Munder-advised mutual funds and other Munder investment advisory clients.
