United Asset Management reached agreement to acquire Rogge Global Partners in London, a global fixed-income specialist with $3.5 billion in assets under management. Terms were not disclosed.
Olaf Rogge, Rogge Global's chief executive officer, signed a 10-year contract; other partners signed seven-year contracts. They will have the chance to earn up to 25% of the firm's equity through phantom shares, as well as gaining other UAM options.
The acquisition will boost UAM's international assets under management to more than $16 billion. UAM, whose money management entities run more than $150 billion, has a goal of having 20% of assets under management with international units, said Julie Coyle, treasurer.