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  2. INTERACTIVE
January 09, 2006 12:00 AM

2005 top transactions

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    Largest investment management transactions in 2005

    All amounts are in millions of U.S. dollars.

    acquiredAssets% boughtBuyerTrans-

    action value

    Rationale

    GAM & SBC Wealth Management $96,700 100%Julius Baer $4,553 UBS sells off three Swiss private banks and its successful fund-of-funds business, GAM to focus on its UBS brand. Publicly traded Baer gains scale and a poison pill through UBS minority ownership.

    Citigroup Asset Management $437,000 100%Legg Mason $3,700 Legg Mason pays an additional $2 billion to swap its brokerage operation for Citi’s asset management business, doubling its assets under management and acquiring international scale. Citi eliminates a regulatory headache that delivered just 1% of the group’s net income.

    Nextra Investment Management $125,700 63%Credit Agricole $1,060 Banca Intesa completes its restructuring by selling asset management subsidiary Nextra, tainted by the Parmalat scandal, to Credit Agricole, its largest shareholder. Nextra and CAAM Italia will be merged.

    Permal Group $19,300 80%Legg Mason $800 Announced on the same day as its deal with Citi, Legg Mason acquires one of the top five hedge fund-of-fund managers in the world.

    Daehan Investment & Securities $21,300 100%Hana Bank $474 The last of the big three Korean asset managers bankrupted in the Asian financial crisis is recapitalized by the government and sold.

    Deutsche Asset Management (U.K. & Philadelphia)$81,300 100%Aberdeen Asset Mgmt. $442 Deutsche gives up trying to fix what was mostly the former Morgan Grenfell Asset Management in the U.K. and sells for just over two times revenues to Aberdeen, almost tripling its assets and giving it a strong global and U.S. bond capability.

    Framlington Group $7,900 100%Axa Group $339 After a failed MBO attempt earlier in the year, Framlington’s awkward condominium ownership (HSBC 51%, Comerica 49%) is resolved by a competitive sale to AXA Investment Management.

    Alcentra Group* $6,200 80%Bank of New York $300 BNY hopes to repeat the success of its Ivy acquisition by purchasing this London-based private equity-backed CLO manager, which was formed in 2002-2003 by teams from Barclays and Imperial Credit in Los Angeles.

    First Asset Management $23,000 100%Affiliated Managers Group$250 AMG acquires interests in six Canadian boutique investment managers through the purchase of financial holding company First Asset.

    Clarington Corp. $3,800 100%Industrial Alliance $245 Industrial Alliance, the fifth largest life and health insurer in Canada, beats out CI Fund Management to buy this Toronto-based manager of mutual funds that had gone public earlier in the year.

    Guggenheim Alternative Asset Management$2,800 72%Bank of Ireland $184 Bank of Ireland adds another institutional investment boutique to its global sales platform, paying 9% of assets for its stake in this hedge fund-of-funds manager, started in 2002 by a team from Royal Bank of Canada.

    Israeli Mutual and Provident Funds$17,200 100%Financial Buyers & Israeli Insurers$773 As a result of Israeli legislation requiring banks to divest asset management in exchange for the right to sell insurance, Bank Leumi, Discount Bank and Bank Hapoalim sell their mutual and provident funds.

    *Transaction value is estimated. Source: Cambridge International Partners Inc.

    Back to the mergers & acquisitions report

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