Business
Acquisition of Boyd Watterson
Acquisition of Boyd Watterson.
About this update from Tatton Asset Management Plc
[{"type":"text","content":"\n RNS Number : 7817H Titanium Asset Management Corp 10 November 2008 \n \n\n\n10/11/2008\n\nTitanium Asset Management Corp ('Titanium') \n\nAcquisition of Boyd Watterson Asset Management LLC\n- 4th Acquisition since Titanium listed on AIM\n\nTitanium is pleased to announce that it has entered into a sale and purchase agreement to acquire 100% of the membership interests in Boyd Watterson Asset Management LLC ('BWAM'), an established US-based money management firm, from its parent company, Boyd Watterson Asset Management Holdings LLC.\n\nBWAM, founded in 1928, is based in Cleveland, Ohio and as at 30 September 2008 had assets under management of approximately U$3bn. Its client base is largely institutional but also includes high net worth individuals and (through broker dealer contracts) retail clients. Its managed assets mainly omprise US fixed income securities and it also manages US and international equities on behalf of its clients.\n\nCompletion of the acquisition is expected to occur on or around 31 December 2008.\n\nThe initial consideration payable (which may vary according to the rate of client retention) is expected to be U$7.5 million in cash. 250,000 shares of Titanium common stock will be issued to BWAM employees at or after completion. Up to a further U$8.0million is payable in early 2011 in a combination of cash and stock depending on BWAM's annualised revenue run-rate as at 31 December 2010.\n\nCommenting on the acquisition Nigel Wightman, Chairman and CEO of Titanium, said 'We are delighted that BWAM has become another member of the Titanium group of companies. It has skilled investment professionals, an excellent client base and a strong new business pipeline. It is very complementary to the three businesses we already own. Even in difficult market conditions we are pleased that we continue to be able successfully to execute our business strategy of acquiring and integrating asset management companies.'\n\nBrian Gevry, CEO of BWAM, comments 'We are very excited to be joining Titanium. We have known man...