Berger Investments acquired INTECH, an institutional money manager with $6 billion in assets under management, from Prudential Financial. Terms were not disclosed. With the acquisition, Berger is changing its name to Berger Financial Group to reflect its transition to a manager and distributor of investment products, said Jack Thompson, Berger CEO.
Berger will be the majority owner of INTECH, and key INTECH employees will hold a minority stake in the firm. Berger will market the INTECH portfolios, which will retain the INTECH name. The acquisition is the second in less than a month for Berger, owned by Stilwell Financial. The firm acquired Bay Isle Financial on Dec. 31.