Merger and acquisition transactions involving asset managers are generally heavily negotiated and involve significant industry-specific considerations, including complex regulatory elements. As a preeminent advisor across the asset management sector, we offer a dedicated team of attorneys who are well-versed with the intricacies, industry-specific considerations, and U.S. and international regulatory elements of these transactions.
With deep experience across this industry, we provide practical solutions to both purchasers and sellers, as well as to principals across the spectrum of asset management M&A transactions. We have advised on some of the most noteworthy transactions in this sector, including acquisitions and dispositions, as well as “alternative” transactions such as strategic events, sales of minority stakes, restructurings and other GP/fund related transactions, including “structured secondaries.” Our representations have included advising:
- Blackstone and Corsair Capital in their majority investment in First Eagle Investment Management
- HNA Group Co. Ltd. in its investment in OM Asset Management plc
- KKR in its acquisitions of Avoca Capital and Prisma Capital Partners, as well as investments in Avendus Capital, Nephila and Focus Financial (pending)
- Hellman & Friedman in its acquisition of a majority interest in Edelman Financial Services
- Lightyear Capital and PSP Investments in their acquisition of AIG Advisor Group
- Ares Management in its joint venture with CION Investment Group
- Blackstone in the spin-off of its financial advisory and Park Hill fund placement businesses, which were combined with PJT Partners
- The Carlyle Group in its acquisitions of The TCW Group, Highland Capital Management and Churchill Financial Advisors
- UBS in the sale of UBS Pactual to BTG Investments
- Aquiline Capital Partners in the sale of its strategic partnership interest in Nexar Capital Group SCA to Union Bancaire Privée
- Blackstone in its acquisition of GSO Capital Partners
In addition, we are a pioneer and market leader in sales of minority interests in private equity firms having advised on the earliest of these transactions. We have continued to develop unique insights by advising the sponsors on many of the most significant of these transactions, including:
- Riverstone in the sale of a minority interest to Goldman Sachs Asset Management’s Petershill fund
- H.I.G. Capital in its sale of a minority stake to Dyal Capital Partners
- TSG Consumer Partners in the sale of a minority interest to Wafra Partners
- TSSP in connection with a strategic minority investment by Dyal Capital Partners
- Silver Lake Partners in sales of minority interests to Dyal Capital Partners and CalPERS
- EIG Global Energy Partners in connection with an equity investment in EIG by Affiliated Managers Group, Inc.
- Corsair Capital in the sale of minority interest to RIT Capital Partners
- The Carlyle Group in sales of minority interests to Mubadala Development Group
- Lexington Partners in the sale of a minority interest to Florida State Board of Administration
- Blackstone in the sale of a minority interest to China Investment Corp.
Our leading registered funds and private funds attorneys work closely with our M&A attorneys on the often complex regulatory issues that arise in transactions in the asset management industry. In addition to having advised the principals on some of the most complex and high-profile asset management transactions in recent years, we have been retained as regulatory specialists in several recent matters, including in multiple investments by Affiliated Managers Group.
The Firm takes a proactive approach to best position clients for regulatory scrutiny, and we regularly assist clients across a comprehensive range of regulatory matters—advising on the consolidation of compliance programs, the maintenance of investment adviser registration exemptions, client consent processes (including mutual fund proxy solicitations), SEC examinations and inspections, Dodd-Frank Act and Volcker Rule issues, and matters implicating the Investment Company Act, the Investment Advisers Act and/or the Directive on Alternative Investment Fund Managers.