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MONEY MANAGEMENT

OppenheimerFunds to acquire fixed-income specialist SNW Asset Management

OppenheimerFunds will acquire Seattle-based manager SNW Asset Management, which specializes on customized, high-quality fixed-income portfolios, said Peter Mintzberg, chief strategy officer at OppenheimerFunds.

Financial terms of the deal were not disclosed. The transaction is expected to close by the end of April, subject to closing conditions and approvals.

This acquisition expands OppenheimerFunds’ fixed-income capabilities into high-quality municipal bonds and customized fixed-income strategies.

“Complementary is the operative word,” said Mr. Mintzberg in a phone interview. “We spent a lot of time in discussions with SNW to make sure our cultures were a good fit, and they are.”

Eddie Bernhardt, SNW CEO and lead portfolio manager, and his 16-person team will remain based in Seattle and report to Krishna Memani, chief investment officer of OppenheimerFunds. Mr. Mintzberg added that in addition to its office and employees, SNW will preserve its investment process and investment philosophies. The two firms are currently discussing what to do with the SNW name once the deal closes.

SNW began in 2002 as a subsidiary of Seattle-Northwest Securities Corp., specializing in U.S. dollar-denominated taxable and tax-exempt fixed income. It became an independent firm in 2013.

SNW had $2.7 billion in assets under management as of Feb. 28 and has more than 1,800 clients.

OppenheimerFunds managed more than $222 billion in assets as of Feb. 28.