Terms of the deal were not disclosed. The transaction closed June 30, the same day PIA shut its doors.
PIA's closure was prompted by the retirement of Andrew Williams, CEO and lead portfolio manager on the firm's international large-cap equity strategy, along with outflows from its flagship strategies, the firm noted in a March 24 SEC filing.
The team, which manages about $150 million in international small-cap and emerging markets equity, will remain intact and will be located in Philadelphia in a new SBH office. The team's senior portfolio manager, Scott E. Decatur, will also become a partner at Segall Bryant and & Hamill, said SBH spokesman Mark Rewey.
“Segall Bryant & Hamill sees the addition of international equity capabilities as an important step in our firm's history,” said Philip Hildebrandt, CEO at SBH, in a news release. “We are very excited to add Scott and his team as key members of our investment group. International small-cap and emerging market strategies represent one of the most attractive investment areas in today's global economy.”
Mr. Decatur will report to Mr. Hildebrandt.
Segall Bryant & Hamill has about $9.7 billion in assets under management.