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Pendal Group acquires US investment management company
Global law firm Allen & Overy has advised Pendal Group Limited on its acquisition of a US-headquartered investment management and advisory company.
Emma Musgrave
Firm: Allen & Overy (Pendal Group Limited); undisclosed (Thompson, Siegel & Walmsley LLC).
Value: The transaction was funded by an $190 million placement of new shares to institutional investors and a five-year $200 million debt facility, as per a statement provided by Allen & Overy.
Area: M&A, finance.
Key players: The Allen & Overy team was led by M&A partners Stephen Besen and Michael Parshall in the New York and Sydney offices, respectively. The team also included New York associates Loren Thomas, Lucy Cai and Nkem Anene and on the equity raise Australian associates Isobel Smith, Ashton Pyke and Michelle Huo, the statement from Allen & Overy noted.
“U.S. securities law advice was provided by Sydney ICM partner Mark Leemen and associate Edward Ren. Sydney partner Adam Stapledon and senior associate William Kim advised on the acquisition financing. U.S. tax advice was provided by New York partner Dave Lewis, senior counsel Caroline Lapidus, and associates John Hibbard and Lauren Diner,” the statement said.
“New York partner Brian Jebb and associate Zoe Wachter advised on employment and benefits matters. Washington, D.C. partner Chris Salter, New York senior counsel Kuang Chiang and associate Pierce Young provided regulatory advice. Partner Elaine Johnston and associate Puja Patel advised on antitrust. Real estate advice was provided by partner Adam Sofen and associate Natasha Robbins. Partner Keren Livneh and associates Natalie Montano Young and Kyle Coogan advised on transactional IP matters.”
Deal significance: Pendal Group Limited is an independent global investment manager with $101.7 billion in funds under management.
The company’s acquisition of TSW will substantially increase Pendal’s presence as a global investment manager, particularly in the US market, the statement from Allen & Overy said.
“Pendal’s acquisition of TSW strategically positions Pendal’s U.S. business to drive growth in the world’s leading equity market. This transaction follows Pendal’s longstanding expansion efforts through both organic and inorganic growth, including its acquisition of UK based manager J.O. Hambro Capital Management in 2011, which A&O advised on,” the statement said.
Commenting further, New York M&A partner Mr Besen said: “This deal is evidence of the continuing trend of consolidation in the investment management industry. A&O’s work with Pendal on this transaction highlights A&O’s expertise in advising on complex cross-border acquisitions in the investment management industry.”
Mr Parshall, partner in A&O’s Sydney office added: “A&O’s Sydney and New York offices worked together seamlessly across practice areas to leverage our local expertise on a global scale, allowing us to integrate the acquisition work of our New York team with the corporate and debt work of our Sydney teams”.
“Whether in the U.S. or the UK and Europe (with the J.O. Hambro acquisition) we are pleased to have continued matching our leading global network to Pendal’s growth initiatives as part of its transition to being a truly global investment management platform,” he said.
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Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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