Denali Advisors’ management team will purchase a 36% minority stake in the La Jolla, Calif-based quantitative equity boutique from private equity firm Lovell Minnick Partners, Robert Snigaroff, Denali’s president and chief investment officer, confirmed in a telephone interview.
Mr. Snigaroff declined to provide details of the purchase price.
The deal, effective March 31, will increase Denali employees’ ownership in the company to 77.3%. Huna Totem Corp., a Native American-owned property manager, remains a strategic partner for Denali, which had client assets of $1.44 billion as of Feb. 28.
Jeffrey Lovell, a partner with Lovell Minnick, said his firm has had a “wonderful and profitable relationship” with Denali.