Wells Fargo Asset Management (WFAM) has agreed to sell its 65% stake in The RockCreek Group back to RockCreek founder and CEO Afsaneh Beschloss and its team.
The deal will take American investment manager RockCreek’s total ownership in the company to 100%.
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The relationship of WFAM and RockCreek dates back to 2012, when WFAM bought a 35% stake in RockCreek. WFAM increased the holding to 65% in 2014.
The decision to end the relationship was jointly taken by senior management of both the companies.
The acquisition, whose financial terms were not disclosed, is expected to be completed by the end of next month.
“We are confident that the broad-based independent ownership of our experienced team, coupled with our firm’s data-driven technology and innovative culture will ensure that we continue to preserve and grow our investors’ capital,” Beschloss noted.
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By GlobalDataFounded in 2002, RockCreek offers investment management services from its two offices in Washington, D.C. and New York City.
The company’s portfolio managers invest in emerging markets and alternatives, whereas its asset allocation teams invest in multi-asset class, OCIO portfolios and personalised solutions.
In the last five years, the company increased its assets from $7bn to nearly $14bn.
RockCreek advisory board member and former Federal Reserve chairman Alan Greenspan said: “This is truly an exciting time for RockCreek. Afsaneh and her team have done a splendid job leading RockCreek to its current position of strength in the marketplace.”
