American Private equity firm Kelso & Co, which specialises in leveraged buyouts, recapitalizations and growth capital transactions, is reportedly looking to sell Resolute Investment Managers.
The sale could value the multi-brand financial advisory firm at over $1.5bn, including debt, people familiar with the matter told Reuters.
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Kelso, together with Estancia Capital Management that also holds a stake in Resolute, has approached an investment bank to carry out the sale process.
The companies have also approached potential buyers to solicit their interest, divulged the sources who requested anonymity as the discussions are private.
Kelso & Co, Resolute and Estancia did not respond to the news agency’s request for comment.
Other deals in the asset management space
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By GlobalDataThe asset management space has witnessed series of M&A activities of late.
This week, Canadian asset manager CI Financial agreed to buy New York-Based RIA Barrett Asset Management.
Last month, Wells Fargo announced the sale of Wells Fargo Asset Management for $2.1bn to GTCR and Reverence Capital Partners.
The same month, Affiliated Managers Group (AMG) signed a definitive agreement to acquire a minority equity interest in Boston Common Asset Management.
In January, Sundaram Asset Management Company in India agreed to buy the asset management businesses of Principal Asset Management for nearly INR3.38bn ($46.34m).
In the same month, reports emerged about Banco do Brasil recommencing the sale process of its asset management unit BB DTVM. The state-controlled Brazilian lender initiated the sale process of BB DTVM in 2019, under its ex-CEO Rubem Novaes.
The process came to a halt last February as the lender considered the bids delivered below the par.
