TTC Holdings will acquire money manager Austin, Calvert & Flavin from Waddell & Reed Investment Management, according to a joint news release from the companies.
Terms were not disclosed.
ACF, which manages equities and fixed income, will become a subsidiary of TTC Holdings, the news release said.
“Waddell & Reed has proven to be a good partner since our merger in 1999,” Sarah Calvert Doerr, ACF's CEO, in the news release. “However, the ACF management looks to deepen the services offered to clients, and we realize it is time to move in a new direction.”
Ms. Doerr will stay on as CEO. Claude Koontz will continue at ACF as a client service and development manager, and Julie Lewis, formerly the CFO, will become COO and manage the daily operations of the firm. Ms. Doerr said the CFO position will not be replaced.
“We wish our colleagues at Austin, Calvert & Flavin the very best in the future and we have enjoyed our association,” said Henry J. Herrmann, CEO of parent Waddell & Reed Financial, in the news release. “This transaction provides the opportunity for both firms to more effectively pursue core business initiatives.”
ACF manages $643 million in assets, bringing TTC Holdings' combined client assets to more than $2 billion.