The finance industry briefing

Goldman Sachs Asset Management (GSAM) and Germany’s DWS are reportedly looking to bid for NN Investment Partners (NN IP), the asset management arm of Dutch insurer NN Group.

The unit, which manages €300bn in assets, was put up for sale by the insurer in April this year, following a strategic review of the business.

With deadline for final binding offers set to end early this week, GSAM and DWS are preparing the bids for NN IP, Financial Times reported citing people familiar with the development.

According to a source, the deal price is in the region of €1.4bn.

NN Group, GSAM and DWS did not comment on the news.

Other interested parties for the unit includes UBS, Prudential Financial, Janus Henderson and American asset manager Nuveen.

Frankfurt-based DWS is accelerating its consolidation activities to challenge the supremacy of its rival firm Amundi in Europe.

DWS chief executive Asoka Woehrmann told shareholders at the group’s annual meeting last month that it is seeking to be ‘an active player’ in industry consolidation.

New York Private Bank & Trust (NYPB&T) has made a minority investment in multi-asset class investment management and advisory firm Gerber | Taylor Capital Advisors.

The deal, whose financial details are unknown, was carried out through Emigrant Partners, a subsidiary of NYPB&T.

Founded in 1990, Gerber Taylor specialises in investment management and investment advisory services.

The firm has approximately $6.3bn in assets under management and $7.5bn in assets under advisement.

The investment will be used to support succession planning among the partners of Gerber Taylor.

British advisory firm Wren Sterling has secured a majority investment from investment funds affiliated with Lightyear Capital.

Size and other terms of the deal have not been made public.

The investment will support the firm to complete a management buyout from Palatine Private Equity and shareholders, subject to FCA approval.

New York-based Lightyear is a financial services private equity firm with focus on asset and wealth management.

The deal will have no effect on Wren Sterling’s management team and staff.
Wren Sterling executive chairman Ian Darby said: “We have secured a fantastic deal for Wren Sterling’s clients, shareholders and staff. It will provide a return for our investors, enable us to grow our business and continue to invest in our client service.

“Lightyear will bring years of expertise in growing financial advice businesses, plus the capital we require to help us grow Wren Sterling, so they’re an ideal partner for us.

“Palatine has been a hugely supportive owner over the last six years. Through the management team’s hard work and Palatine’s guidance, we’ve created a dynamic business that is helping many people across the UK to make the right financial decisions.”

State Street Corporation announced it has entered into an agreement to acquire Mercatus, Inc., a data management provider for private market managers. The transaction is expected to be completed in September. Financial terms are not being disclosed.

State Street Corporation recently reported a 10% rise in profits in the second quarter of 2021. To coincide with the acquisition, the company will also launch its State Street AlphaSM for Private Markets solution which will allow institutional investors to manage the entire lifecycle of their investments through a single platform. This will also include the ability to provide whole portfolio exposure to managers investing in public and private markets.

“Investors in private markets have historically struggled with inefficient and manual processes because existing solutions are too fragmented and rigid to meet their changing investment requirements,” said Spiros Giannaros, president and chief executive officer of Charles River Development, a State Street Company. “Mercatus’s focus and solution for private markets augments Charles River’s market leading platform for public markets, enabling us to support clients across the full spectrum of their investment needs.”

Multi-family office Stonehage Fleming has taken over the private client services business of Maitland, a privately owned global advisory, administration, and family office firm.

Subject to regulatory approval, the Maitland business will transfer to Stonehage Fleming, bringing legal fiduciary, corporate and investment management services capability in nine locations worldwide.

Furthermore, the transaction adds £1bn ($1.37bn) of AuM and £15bn of AuA, taking Stonehage Fleming’s AuM to over £16bn and AuA to over £60bn.

The private client services business will bring further scale to Stonehage Fleming, strengthen key service areas and broaden the range of jurisdictions offered to clients. It will also operate under the Stonehage Fleming brand.