ALPS, a Colorado-based outsourcing services provider to mutual fund firms, is set to acquire private equity asset manager Red Rocks Capital for $65m.
The acquisition amount will include up-front cash consideration as well as performance-related contingent consideration.
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The deal, subject to conditions and approvals, is scheduled to be completed in the second half of this year.
Following the acquisition, Red Rocks Capital founders- Adam Goldman and Mark Sunderhuse- are expected to continue in their roles as co-managers for the Red Rocks strategy.
Red Rocks, which manages $1.8bn in assets, specializes in listed private equity products and other private asset investments, including mutual funds, sub-advised relationships, separately managed accounts and select variable annuity contracts.
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