Putnam Lovell Equity Partners agreed to acquire a significant minority ownership stake in Atlantic Asset Management from Mizuho Corporate Bank (USA). The transaction is expected to close in June. Jennifer M. Keese, marketing manager at Putnam Lovell, said she could not disclose the terms of the agreement or the size of the ownership stake. Industrial Bank of Japan, a predecessor of Mizuho, acquired a 50% stake in Atlantic in 1999, according to a press release from that year.
Atlantic Asset Management and its six investment affiliates will continue to operate independently, managing a total of $9 billion, mainly in active fixed-income and enhanced equity index strategies.