December 30, 1996
Dennis Rodman's money manager is thinking about joining a new lineup. Palley Needelman Asset Management Inc., the Newport Beach money management firm that handles the Chicago Bulls star's fortune, reportedly is being pursued by Boston-based United Asset Management. If a deal is struck, United Asset is expected to pay $60 million to $80 million for Palley Needelman, says one person familiar with the talks. A United Asset spokesman declined to comment on any talks between the firms.
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.
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.