Evergreen Investments reached an agreement to acquire a majority stake in value equity shop Metropolitan West Capital Management, said Evergreen spokeswoman Laura Fay. Terms of the deal weren't disclosed, but the principals of Metropolitan West will continue to hold a minority stake in the firm when the deal closes, she said.
The acquisition will add $4.5 billion in mostly large-cap value equity assets to Evergreen, which had $249 billion in assets under management at the end of 2005, according to a news release. Along with large-cap equity portfolios, Metropolitan West also offers a small-cap intrinsic value strategy, an international core value strategy and a global intrinsic value strategy, said Ms. Fay.
The deal will allow Metropolitan West to leverage Evergreen's distribution capabilities in bringing that firm's products to institutional, retail and high-net-worth clients, according to the release.