Northern Lights Capital Group is expanding its ownership with Seizert Capital Partners and Aether Investment Partners. Both firms will continue to maintain operating control of their businesses following the transactions.
Operational autonomy is a key element of Northern Lights’ philosophy," said Jack Swift, Managing Director at Northern Lights. "Aether and Seizert are great investors and operators, and leaving them to run their businesses as they see fit is the best way to ensure that continues in the future."
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Seizert and Aether have experienced rapid growth and sustained investment success over the course of their partnerships with Northern Lights.
With help from Northern Lights’ resources, Seizert has grown from $800 million to $5.3 billion since 2009. "We are delighted to participate in their growth – but ultimately their success is attributable to the talent and integrity of these two investment managers," says Paul Greenwood, Managing Director at Northern Lights.
"With Seizert, we have created a great partnership with our dedicated sales and marketing team, which we believe in combination with a strong investment culture, has helped them reach the next level."
"We continue to be extremely pleased with our long-term partnership with Northern Lights," said Gerry Seizert, Seizert founder. "They have been a critical part of our success in maintaining a client-focused firm. We are very excited to expand our relationship to now include Treasury Group."
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By GlobalDataSeizert continued, "As with our investment process, risk management is a cornerstone of our organization and Northern Lights and Treasury Group have assisted us greatly in allowing us to minimize risk with regard to future ownership transitions, which we feel is a critical element of our clients’ overall experience. We all love what we do and this allows us to continue in a manner that is consistent with our process and past practices."
Aether, a start-up backed by Northern Lights in late 2008, has successfully raised over $900 million across a series of natural resource-focused funds of funds and has become a leader in the real asset fund of funds space. Though Northern Lights is increasing its stake in Aether, the new arrangement will provide Aether employees with 100% of the carried interest generated by future funds.
"We are gratified that after more than five years in partnership Aether has chosen to deepen its relationship with Northern Lights," said Greenwood.
Troy Schell, Partner and co-Founder at Aether, added, "We have enjoyed our relationship with the Northern Lights team over the past six years, both personally and professionally, and we look forward to continuing that relationship for many years to come. We appreciate their creativity as we worked through this transaction – the end result we believe is a mutually beneficial model that simultaneously increases our team’s alignment with the interests of our clients.
"We couldn’t be more excited to increase our exposure to the funds we manage, through both increased personal investments and greater participation in the carried interest in future funds. To do so in a manner that allows us to continue to operate autonomously is truly a unique opportunity."
Aether and Seizert will be two of 21 boutiques within the newly proposed structure for Northern Lights and Treasury Group. Together their combined assets under management will make up approximately 14% of the larger group of affiliates. Their desire to become more closely aligned with Northern Lights speaks to the success of their partnership over the past six years.
Exact details of the ownership structures were not disclosed. The Northern Lights and Treasury Group transaction is expected to close by the end of 2014.
