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BrightSphere Investment Group Inc. Announces Agreement to Sell Campbell Global, LLC
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BrightSphere Investment Group Inc. (NYSE: BSIG) today announced that it has entered into a definitive agreement to sell its 75% ownership interest in Campbell Global, LLC, (“Campbell”) to J.P. Morgan Asset Management (“J.P. Morgan”), a division of JPMorgan Chase & Co. (NYSE: JPM). As part of the transaction, J.P. Morgan will also acquire the 25% ownership interest in Campbell held by Campbell management. Financial terms of the transaction were not disclosed.
% of Strategies by Revenue Outperforming vs Benchmarks as of Q1'21 (Graphic: Business Wire)
In addition to acquiring BrightSphere’s equity interest in Campbell, J.P. Morgan has also agreed to acquire BrightSphere’s co-investments in Campbell Funds. The transaction is subject to customary closing conditions and is anticipated to close in the third quarter of 2021.
Suren Rana, BrightSphere’s President and Chief Executive Officer said, “This transaction decidedly transforms our business from a multi-boutique asset manager to Acadian, a single, full-scale differentiated business that is a market leader in the quant sector. After the completion of the sale of Campbell Global and the other announced sale transactions in the coming months, BrightSphere’s sole business will be Acadian, with AUM of $111 billion as of March 31, 2021, which has been generating outperformance across multiple time periods through its quantitative strategies and solutions. As of March 31, 2021, 86%, 74%, 57%, 85% and 91% of Acadian’s strategies by revenue beat their benchmarks over the prior QTD, 1-, 3-, 5-, and 10-year periods. Additionally, the Company will have approximately $1.3 billion in Pro Forma cash1.”
Morgan Stanley & Co. LLC acted as financial advisor to BrightSphere on the transaction, while Ropes & Gray LLP served as legal advisor to BrightSphere.
About BrightSphere
BrightSphere is a diversified, global asset management company. Through Acadian Asset Management, its sole operating subsidiary with approximately $111 billion of assets under management as of March 31, 20212, BrightSphere offers institutional investors across the globe access to a wide array of leading quantitative and solutions-based strategies designed to meet a range of risk and return objectives. For more information, please visit BrightSphere’s website at www.bsig.com. Information that may be important to investors will be routinely posted on our website.
1 Pro forma cash balance comprised of $451 million of cash on balance sheet as of 3/31, plus $625 million announced after tax proceeds from the sale of Landmark, completed June 2, 2021, plus $196 million anticipated after tax proceeds from the sale of Thomson, Siegal and Walmsley.
2 Reflects the announced divestitures of Campbell Global, Thompson Siegal & Walmsley, and Investment Counselors of Maryland, and gives effect for the completed sale of Landmark Partners LLC, which was completed on June 2, 2021.
we are a global, multi-boutique asset management company. our diverse portfolio of asset managers serves institutional investors around the world. our business model combines the investment talent, entrepreneurialism and creativity of leading asset management boutiques with the resources and capabilities of a global firm. our partnership structure ensures that our affiliates retain meaningful equity ownership and profit interests in their own firms, and preserves the unique cultures that have made them successful. we work closely with our affiliates to execute growth opportunities in areas such as expansion of their businesses, development of new products and global distribution. we seek to generate growth through partnerships with additional investment boutiques that can provide products and services to a global institutional clientele, enhance our growth potential and diversify our earnings. omam is listed on the new york stock exchange with the ticker symbol of omam.
