Spouting Rock Asset Management has agreed to purchase New York-based investment management firm Stewart Asset Management for an undisclosed quantity.
The transaction is scheduled to full by the top of this month.
The present Stewart investment workforce, together with chairman Bill Stewart, will transfer to Spouting Rock as a part of the deal.
Bill Stewart mentioned: “We’re happy to be a part of Spouting Rock as we glance to increase our distribution amongst traders, establishments and monetary advisers.
“We will retain the Stewart Asset Management brand name as we enter this new phase and the investment team will remain intact with Tom Valenzuela as chief investment officer, a role he also held at W.P. Stewart.”
Stewart intends to ship long-term capital appreciation through a concentrated portfolio of US progress equities.
In addition to providing individually managed accounts within the US in addition to Canada, the agency gives a UCITS fund to traders outdoors the US.
The agency, established in 2014 after AllianceBernstein ’s buy of W.P. Stewart & Co, goals to develop purchasers’ capital by two-fold on common each 5 years.
Spouting Rock CEO Marc Brookman mentioned: “We are impressed with the firm’s strong conviction in the power of compounding and its research-driven investment process. The team will serve as a strong complement to our rapidly-growing platform of boutique managers.”
A multi-boutique manager based mostly within the US, Spouting Rock provides conventional, various, and thematic investment options.
In May this yr, British accountable investment administration agency Alquity reached a strategic alliance with Spouting Rock, with the latter investing in Alquity.
Earlier in 2022, Spouting Rock agreed to decide majority stake in alternative asset manager Old Hill Partners.
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