Overture Asset Managers, a new asset management holding company, acquired most of the assets of Avatar Investors Associates through its subsidiary, OAM Avatar. Terms were not disclosed.
Douglas L. DuMond, president and CEO of Overture, founded the firm after leaving CDC IXIS Asset Management in October. Overture began working with Avatar in November and moved into its offices in New York prior to the March 27 acquisition.
Avatar will continue operating under its own name and will offer the same asset allocation strategies it has for the past 33 years, Mr. DuMond said. Avatar manages $1.5 billion for institutional and retail clients. The firms founder, Ned Babbitt, has retired.
Overture will offer centralized marketing, distribution, financial, reporting and systems services to Avatar and future asset management acquisitions. Mr. DuMond said Overture will focus on acquiring managers with between $250 million and $2 billion in assets under management, and company officials expect to make between six and eight acquisitions over the next 10 years.