Phoenix Investment Partners completed its acquisition of 65% of Capital West Asset Management, an institutional and high-net-worth manager with $175 million under management. Specific terms were not disclosed. The initial payment will be in cash, and an additional payment may be made depending on Capital West’s revenue growth through 2004. Phoenix has an option to acquire an additional 10% of the company by 2006.
Capital West executives hold the remaining interest in the company and will control day-to-day operations. Key executive and portfolio management team members have signed long-term contracts.
