AllianceBernstein, a US-based investment management firm with US$447 billion in assets under management, has completed the acquisition of W.P. Stewart & Co, an equity manager with US$2 billion in assets under management.
AllianceBernstein said that W.P. Stewart’s head of concentrated U.S. Growth, James T Tierney, and head of concentrated global growth, Mark Phelps, and their teams will remain in their roles and continue managing their investment services.
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Also, W.P. Stewart’s investment strategies will be added to AllianceBernstein’s equity offerings.
As per the terms of the deal, in exchange for each share of W.P. Stewart common stock, AllianceBernstein is paying W.P. Stewart shareholders US$12 per share in cash and issuing one transferable contingent value right entitling the holders to an additional cash payment of US$4 per share if the assets under management in the acquired W.P. Stewart investment services reach US$5 billion on or before the third anniversary of the closing.
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