WestLB Asset Management will acquire Gulfstream Global Investors, an...

WestLB Asset Management will acquire Gulfstream Global Investors, an international equity manager that runs $414 million, including $317 million for U.S. tax-exempt investors. Terms were not disclosed. Gulfstream is owned by four principals. All will remain with the company. It will take the name of WestAM, a unit of Westdeutsche Landesbank, but will operate independently. Reiner M. Triltsch, a Gulfstream principal, will be product CIO at WestAM, reporting to Stan Beckers, WestAM global head of investments. Gulfstream invests about $80 million in emerging markets and the rest in EAFE markets. Gulfstream manages about $300 million in defined contribution assets, it reported this year. WestAM has $33 billion in assets under management. The deal is pending Federal Reserve approval.