Eagle Asset Management is purchasing a 45% stake in quantitative equity manager ClariVest Asset Management, confirmed Stacey Nutt, ClariVest president and chief investment officer.
The minority stake of ClariVest is being acquired from private equity firm Lovell Minnick Partners and Stellate Partners, a provider of marketing and operational assistance to investment managers.
Terms were not disclosed. ClariVest management remains the majority holder.
Lovell Minnick and Stellate made their investments in March 2006 when the firm was created by a systematic equity team from Nicholas-Applegate Capital Management.
The deal is expected to be completed around the end of this year.