Alternative money managers FS Investments and Portfolio Advisors signed a definitive agreement to merge, creating a combined firm with $73 billion in assets under management.
Terms of the deal, which was announced in a news release Thursday, were not disclosed. The deal is expected to close sometime in the first half of 2023.
Upon completion, Portfolio Advisors will become FS Investments' institutional investment arm and continue to do business under its current name, an FS Investments spokeswoman said in an email.
She also said senior executives at both firms will sit on senior leadership committees at both organizations. Also, Brian Murphy, currently managing member of Portfolio Advisors, will transition to a senior adviser role to the combined firm.
