Florida-based Carillon Tower Advisers is set to raise its ownership stake in California’s ClariVest Asset Management.

The deal will make ClariVest a wholly-owned subsidiary of Carillon unit Eagle Asset Management, which initially acquired a 45% holding in ClariVest seven years back.

ClariVest executive vice president, general counsel and chief compliance officer Tiffany Ayres will now become president.

Ayres will oversee ClariVest’s daily management.

She will be supported in this role by CIO of non-US and global strategies David Vaughn and CIO of US and alternatives strategies Todd Wolter.

Meanwhile, ClariVest CEO and CIO Stacey Nutt will serve as senior adviser.

“Carillon Tower’s approach of providing scalable business support to autonomous investment teams puts ClariVest in a strong position to continue delivering the highest quality investment advice and results to our clients,” Ayres stated.

The transaction will be effective from this April.

Financial terms of the deal were not revealed.

Carillon Tower president Cooper Abbott said: “We deeply value the partnership we have built with ClariVest in recent years, and we look forward to achieving an even stronger connection between Carillon Tower’s distribution capabilities and ClariVest’s unique investment products.

“ClariVest’s distinctive approach and experienced team continue to offer attractive solutions that address the needs of institutional investors globally.”

ClariVest managed $7.3bn in assets at the end of January 2019.