Titanium Asset Management today closed its acquisition of Boyd Watterson Asset Management.
Titanium is making an initial payment of $7.5 million in cash, subject to certain possible post-closing adjustments, together with the issue of 58,000 shares of Titanium common stock to Boyd Watterson employees, according to a news release on the agreement. Titanium is also expected to make a deferred payment of up to $8 million together with a further issue of 192,000 shares in early 2011, depending on Boyd Wattersons annualized revenue run-rate as of Dec. 31, 2010, the release said.
As of Sept. 30, Titanium had $5.7 billion in assets under management. Chairman and CEO Nigel Wightman could not be reached immediately for further comment.
Brian Gevry, CEO of Boyd Watterson, said, The acquisition gives us a deepened resource in fixed income. In addition, we have a very robust IT platform which will benefit Titanium greatly. Mr. Gevry is also Titaniums managing director and fixed income co-head.