Jacobs Asset Management and Thompson Siegel & Walmsley, two United Asset Management subsidiaries, will merge this summer. The deal has been in the works for several months and is not related to UAMs sale to Old Mutual, said Jonathan. Hubbard, UAM spokesman. Jacobs manages $580 million in international equities; Thompson, Siegel & Walmsley manages $4.8 billion, mainly in U.S. equities and bonds.
Daniel Jacobs, founder of Jacobs Asset, had expressed his wish to resign and pursue other activities to UAM management earlier this year, Mr. Hubbard said. Thompson Siegel was seeking to expand its international equity investment management and research capabilities. Principals were introduced and decided to combine their forces, Mr. Hubbard said.
Six of Jacobs 13 staffers will move to TS&W. They are: Robert Jurgens, managing director, European research; Wai Chin, managing director, Asian research; Cynthia New, director, Latin American research; Todd Borton, director of marketing; Lauren Pizzementi, portfolio administrator; and Bengt Berggreen, trader. Mr. Jacobs and another staffer have resigned, and the others will get severance packages, Mr. Hubbard said.
TS&W will assume management of Jacobs assets and clients next month.