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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • ABN Amro (U.S. mutual fund business)
  • Highbury Financial Inc.
  • Mutual Fund
  • April 21, 2006
  • $6 Billion

Seller Details

Aston provides investment advisory services to a family of 19 no-load, open-end mutual funds which managed approximately $6.0 billion in client assets as of March 31, 2006. Aston’s mutual fund platform is built upon providing advisory, sales, marketing, compliance and operating resources to mutual funds using sub-advisers that produce institutional quality investment products.

Buyer Details

Highbury is an investment management holding company providing permanent capital solutions to mid-sized investment management firms. Aston will be a platform for internal growth and add-on acquisitions. Highbury intends to pursue acquisition opportunities and will seek to establish other accretive partnerships with high quality investment management firms over time. The Company will seek to provide permanent equity capital to fund buyouts from corporate parents, buyouts of founding or departing partners, growth initiatives, or exit strategies for private equity funds. Highbury intends to leave material equity interests with management teams to align the interests of management and its shareholders and, in general, will not integrate its acquisitions, although it may work with potential future affiliates to execute add-on acquisitions. The Company will seek to augment and diversify its sources of revenue by investment style, asset class, distribution channel, client type and management team. Highbury intends to fund future acquisitions with retained net income or the issuance of debt or equity.

Transaction Summary

Pursuant to the asset purchase agreement, dated as of April 20, 2006 among Highbury, Aston and ABN AMRO Asset Management Holdings, Inc., ABN AMRO Investment Fund Services, Inc., ABN AMRO Asset Management, Inc., Montag & Caldwell, Inc., Tamro Capital Partners LLC, Veredus Asset Management LLC, and River Road Asset Management, LLC on November 30, 2006, Highbury acquired substantially all of the sellers’ business of providing investment advisory, administration, distribution and related services to the U.S. mutual funds. The U.S. mutual funds specified in the asset purchase agreement were rebranded the “Aston Funds” upon consummation of the acquisition.

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