Investment management company AllianceBernstein has agreed to acquire asset management firm W.P. Stewart for about US$60 million.
As per terms of the deal, AllianceBernstein will pay US$12 per share in cash to W.P. Stewart shareholders.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
After completion of the transaction, W.P. Stewart’s investment services will be added to AllianceBernstein’s equity offering.
W.P. Stewart’s investment managers will continue to manage their investments and have access to AllianceBernstein’s global reach and research team.
W.P. Stewart currently has US$2 billion in assets under management, while AllianceBernstein has US$444 billion.
AllianceBernstein chairman and CEO Peter Kraus said the company’s clients want more options, particularly in concentrated strategies that can help improve alpha generation potential within their portfolios.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"W.P. Stewart has an impressive track record as concentrated growth managers and brings a unique set of capabilities to our existing equity platform that position us even better to serve our clients," Kraus said.
W.P. Stewart chief investment officer James Tierney said, "In joining AllianceBernstein, we can remain focused on building and managing concentrated equity portfolios, yet at the same time leverage the firm’s exceptional research, corporate access and global presence."
The transaction, which is subject to customary closing conditions and shareholder approval, is anticipated to complete in four to six months.
