NU Online News Service, Nov. 11, 2003, 9:17 a.m. EST – Milliman USA, Seattle, an actuarial consulting firm, has agreed to acquire Evaluation Associates, the consulting division of EAI Partners L.P., Norwalk, Conn.
Evaluation Associates is an investment consulting firm founded in 1976 that serves the institutional investment community.
Milliman says it will be buying Evaluation Associates through an asset sale. The price and other terms were not immediately available, but Milliman says EAI Partners will be keeping the Evaluation Associates Capital Markets multi-manager asset management unit.
Once Milliman completes the deal, Evaluation Associates will operate as “Evaluation Associates L.L.C., a Milliman Company.” The firm will keep its current 80-person staff and its offices in Norwalk, Milliman says.
Milliman plans to fold its Philadelphia investment consulting practice into the Evaluation Associates unit. Jeffrey Van Orden, head of the Philadelphia practice, will chair the combined firm’s management group, Milliman says.
EAI Partners Chairman Phillip Maisano says in a statement accompanying the deal announcement that his firm is selling its investment consulting group because the goals of the investment consulting group clash with the goals of the company’s multi-manager and hedge fund-of-funds businesses.