United Asset Management
| Company type | Public |
|---|---|
| Industry | Asset management |
| Founded | 1980 |
| Founder | Norton Reamer |
| Headquarters | Boston, Massachusetts , United States |
| Products | Asset management services |
United Asset Management was a Boston, Massachusetts-based American holding company.
Background
Established in 1980 by Norton Reamer, who previously served as CEO of Putnam Investments, United Asset Management (UAM) introduced an innovative approach centered on acquiring multiple asset management firms.[1][2] The company's model consisted of buying various investment management entities, maintaining a portion of their earnings while permitting them to operate independently without shutting down underperforming divisions. Retirement assets accounted for more than half of UAM's portfolio.[1] The acquisitions were funded through a combination of stock and cash, with First Boston acting as the investment bank responsible for raising capital via equity issuance instead of convertible bonds.Cite error: The opening <ref> tag is malformed or has a bad name UAM shares, listed on the New York Stock Exchange starting in 1987, were frequently perceived by investors as an option-like investment.[2][3]
In 1992, UAM expanded its holdings by purchasing Acadian Asset Management.Cite error: The opening <ref> tag is malformed or has a bad name
In September 2000, Old Mutual acquired United Asset Management for US$1.46 billion in cash and took on about US$769 million in net debt.[2] After this transaction, UAM was renamed Old Mutual Asset Management (OMAN).Cite error: The opening <ref> tag is malformed or has a bad name
Post acquisition
In June 2016, OMAN secured a 60% ownership interest in Landmark Partners through a $240 million transaction.
On October 15, 2014, OMAN conducted its initial public offering on the New York Stock Exchange.
By March 2018, the firm adopted the new name Brightsphere Investment Group.
In November 2018, Paulson & Co. purchased a 25% share in Brightsphere from HNA Group, which had obtained that stake in 2017.
Brightsphere Investment Group was added to the S&P 600 index in June 2020.
Throughout 2021, Brightsphere divested most of its investments: Landmark Partners was sold to Ares Management (June 2), Investors Counselors of Maryland transferred to William Blair & Company (July 19), Thompson, Siegel & Walmsley was acquired by Pendal Group (July 22), and Campbell Global was sold to JPMorgan Chase (August 31).
Effective January 1, 2025, the company adopted the name Acadian Asset Management Inc.
References
- Pages with reference errors
- Articles with short description
- American companies established in 1980
- Defunct companies based in Massachusetts
- Defunct financial services companies of the United States
- Financial services companies established in 1980
- Holding companies established in 1980
- Asset management companies