United Asset Management

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United Asset Management
TypePrivate
IndustryFinancial services
Headquarters
Boston, Massachusetts
,
U.S.
Area served
Worldwide
Key people
 (CEO and founder)
ProductsFinancial investments

United Asset Management was an American holding company headquartered in Boston, Massachusetts[1] that owned a number of financial-sector companies. It was founded in 1980 by , who previously had served as the CEO of Putnam Investments.[2] The company was the first major firm with a business model that consisted of purchasing a number of money management firms.[3]

UAM's strategy was to purchase a variety of investment management firms, and then keep a portion of the firms' profits. They allowed each company to operate autonomously and did not close poorly performing units. More than half of UAM's assets were retirement funds.[1] They used stock and cash to fund its acquisitions. They used First Boston as an investment bank to raise money for takeovers, using equity rather than convertible bonds.[4] Some investors viewed the idea of purchasing stock in UAM as akin to an option on the New York Stock Exchange, where it was listed in 1987.[2][5]

In 2000, UAM was purchased by Old Mutual for US$1.46 billion in cash. Old Mutual also assumed UAM net debt of around US$769 million.[2] The company was then renamed Old Mutual Asset Management US.[6] In March 2018, the company rebranded itself as Brightsphere Investment Group p.[7]

See also[]

References[]

  1. ^ a b Weintraub, Arlene (March 15, 1998). "United Asset Hopes Its First-Aid Plan Will Stop the Bleeding". The New York Times. Retrieved November 22, 2011.
  2. ^ a b c Thakray, Rachelle (June 20, 2000). "Old Mutual extends US reach". The Independent. Archived from the original on November 4, 2012. Retrieved 18 April 2011.
  3. ^ Campbell, John (Spring 1997). "Inside the Market for Private Businesses". Regional Review. 7 (2).
  4. ^ Williamson, John Peter (1988), The Investment banking handbook, John Wiley and Sons, pp. 122–123, ISBN 978-0-471-81562-4
  5. ^ Wayne, Leslie (January 17, 1994). "United Asset: Little-Known Financial Giant". The New York Times. Retrieved November 22, 2011.
  6. ^ Kallifatides, Markus; Nachemson-Ekwall, Sophie; Sjöstrand, Sven-Erik (2010), Corporate governance in modern financial capitalism: Old Mutual's hostile takeover of Skandia, Edward Elgar Publishing, p. 149, ISBN 978-1-84844-684-7
  7. ^ "BRIEF-Omam Plans To Rebrand As Brightsphere Investment Group PLC". Reuters. 2018-03-02. Retrieved 2020-02-12.

External links[]

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