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Industry Spotlight > Mergers and Acquisitions

Merger to Create $73B Alternative Investment Firm

By Janet Levaux

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Alternative assets manager FS Investments says it is merging with Portfolio Advisors in a deal that could more than double its asset level to $73 billion. The transaction, the financial details of which were not disclosed, would make Portfolio Advisors an institutional investments unit of FS.

Currently, FS has some $35 billion in assets under management, while Portfolio Advisors, a private asset specialist, has over $38 billion in AUM. 

“This transaction is transformative for FS Investments, accelerating our efforts to broaden our institutional client base, diversify our offerings to include growth-oriented products such as private equity, and deepen our in-house investment capabilities,” according to FS chairman and CEO Michael Forman.

FS is based in Philadelphia, and its products include nontraded REITs and closed-end mutual funds. Portfolio Advisors is headquartered in Darien, Connecticut, and distributes its funds via selling agreements with wirehouse firms, RIAs and independent broker-dealers; it recently launched a private-equity fund for wealth management and institutional clients.

“This partnership provides significant new resources that will help support our global institutional clients,” said Brian Murphy, co-founder of Portfolio Advisors, in a statement. “At the same time, FS Investments’ deep product development expertise and robust distribution platform will bring our leading private markets investment strategies to a broader audience.” 

Separately, Sun Life said Thursday that had wrapped up its majority acquisition of Advisors Asset Management, which sells alternative investments through wirehouses, RIAs and broker-dealers.

(Image: Shutterstock)

Janet Levaux

@Think_JanetL

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