Phoenix Investment Partners completed its acquisition of a majority interest in Walnut Asset Management. Terms were not disclosed. Walnut manages $800 million, 30% of which is for endowments and foundations. Phoenix also bought a majority interest in Walnuts related broker-dealer subsidiary, Rutherford, Brown & Catherwood.
Senior management at both subsidiaries retained significant equity interest and control of day-to-day operations. Both companies will retain their names and operate independently. The eight members of Walnuts investment committee, headed by Chairman Peter Bedell and chief investment officer Bob Phillips, signed long-term employee contracts.