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Convergent Buys Stake in Clifford Associates

July 02, 1999|Bloomberg News

Convergent Capital Management Inc., a Chicago-based fund management holding company, said it acquired 70% of Clifford Associates, the oldest U.S. registered investment advisor, for an undisclosed sum. Clifford, based in Pasadena, was formed in 1915 and specializes in managing money for wealthy investors and for foundations and endowments. Its assets under management have quadrupled to $750 million since the end of 1994, according to Nelson's Directory of Investment Managers. Closely held Convergent, which eventually plans to sell shares to the public, now has 10 affiliates and oversees more than $8 billion in assets. So far this year, Convergent has also purchased a 60% stake in investment management company Spare, Kaplan, Bischel & Associates Inc. of San Francisco and a 51% stake in investment firm Star Series Advisors Ltd. of Bermuda. "We have access to capital" from equity investor Conseco Inc. and other backers to continue making acquisitions, said Convergent's Richard Adler.

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