Washington Capital Management entered into an agreement to acquire real estate money manager Great Point Investors, said Paul G. Ravetta, WCM's vice president, director of marketing and client relations.
Terms of the deal are not being disclosed. The combined firm, which will retain the Washington Capital Management name, will have more than $5 billion in institutional assets under management. The Great Point team will continue to operate out of its Boston office and serve clients in the Midwest and East Coast.
Great Point's principals will receive an undisclosed equity ownership in Washington Capital Management and the combined firm will remain 100% employee-owned, according to a WCM news release.
“WCM and Great Point are truly complementary investment organizations. As such, while this transaction is structured as an acquisition, we consider it a merger of two similar organizations,” said Cory Carlson, CEO of WCM, in the news release.
WCM had $4.2 billion in AUM in equity, fixed-income and real estate strategies as of Dec. 31, including $4.1 billion in institutional money, and Great Point had $725 million — all institutional — as of Dec. 31, 2015, according to Pensions & Investments data.