September 29, 1998 |
United Asset Management Corp. said Monday that it is in talks to sell its Pilgrim Baxter & Associates Ltd. fund management unit to Nationwide Financial Services Inc. Boston-based UAM is seeking as much as $600 million for Pilgrim Baxter and no agreement has been reached yet with Columbus, Ohio-based Nationwide, said people familiar with the talks. Pilgrim Baxter executives want to own a stake in the firm if a sale occurs, they said.
March 21, 1997 |
Beverly Hills-based Pacific Financial Research, a $4.2-billion-asset money manager best known for its Clipper stock mutual fund, agreed to be bought by United Asset Management Corp. of Boston. Pacific Financial, led by veteran investor James Gipson, becomes the 48th investment firm in UAM's growing stable. Its firms, which operate mostly autonomously, manage a total of $175 billion in private money and mutual funds.
June 20, 2000 |
Shares of major U.S. mutual fund companies got a boost Monday after another of their peers agreed to a takeover by a foreign firm. United Asset Management (ticker symbol: UAM) of Boston soared $3.17, or 15%, to $23.73 after London-based Old Mutual agreed to pay $1.46 billion in cash, or $25 a share. Among other fund firms that have been viewed as potential takeover candidates, T. Rowe Price Associates (TROW) rocketed $5.63 to $48, Alliance Capital (AC) gained $1.94 to $50.
May 30, 2002 |
John Nuveen Co., one of the largest U.S. managers of municipal bond funds, agreed to buy Los Angeles-based NWQ Investment Management for $140 million in cash to bolster its business with institutions and wealthy clients. Chicago-based Nuveen is acquiring NWQ, which specializes in stock investing, from Old Mutual. London-based Old Mutual has been selling U.S. fund businesses purchased almost two years ago from United Asset Management Corp. of Boston.
July 30, 1998 |
Investors have been pounding shares of mutual fund giant Franklin Resources lately. The stock has slumped from $50.13 on July 17 to $43.06 as of Wednesday, and it's 26% below its 1998 peak of $57.88 set in April. That's a much deeper dive than most fund management shares have experienced. T. Rowe Price Associates shares are down 14% from their 52-week high; United Asset Management shares are off just 10% from their peak.
March 30, 2000
* Source Capital Inc., a Los Angeles-based closed-end investment firm, has elected Eric Ende president and director of the company, which is a subsidiary of United Asset Management Corp. Ende also serves as the firm's chief investment officer. * LeeAnne Stables has been named senior vice president of marketing for GameWorks, the retail and entertainment venture formed by DreamWorks SKG, Universal Studios and Sega Enterprises. * Intertainer Inc.