United Asset Management is still looking overseas for asset growth.
After a series of deals this year concentrating on international money managers, the Boston holding company now has approximately 10% of its total assets in international investments, inching towards its goal of 20% (Pensions & Investments, May 27).
Earlier this month, UAM announced an agreement to acquire Senecal & Associates Inc., Richmond Hill, Ontario, its first Canadian affiliate. The acquisition will bring UAM's assets to $170 billion, $25 billion of which will be international. UAM so far this year also acquired OSV Partners, a currency overlay manager with offices in Frankfurt and Boston; global fixed-income shop Rogge Global Partners PLC, London; and global equity manager Clay Finlay Inc., New York. Late last year, it agreed to help fund international equity startup Jacobs Asset Management, Fort Lauderdale, Fla.
Despite all that activity, UAM is still seeking acquisitions of international money managers, said President Norton Reamer. It has been making contacts in Europe and Asia for years, which may turn into deal opportunities in the future. Not only is UAM interested in acquiring firms overseas, but it would not rule out funding a non-U.S. startup, he said.
The firm has made some moves to acquire assets in Asia this year, such as helping its affiliate Murray Johnstone International open a Singapore office, noted Mr. Reamer. Also recently, its Japanese marketing affiliate, United Asset Management (Japan) Inc., Tokyo, received Japanese government approval to market UAM affiliates' services directly to Japanese institutions.
