Turner Investments has agreed to merge with Veracen, said Robert E. Turner, founder and chief investment officer of Turner.
Financial terms of the merger were not disclosed. Once the merger is completed, which Mr. Turner expects will be by the end of the month, the company will operate under the Turner name.
“The industry has seen sharp headwinds over the years,” Mr. Turner said in a phone interview, citing an industrywide shift toward passive strategies and the underperformance of active strategies.
Through this merger, Mr. Turner said his company is “seeking less volatility and greater predictability.”
In the same phone interview, Erik Hagar, a principal and senior portfolio specialist at Turner, said: “Turner has had strong fundamental active management capabilities. Veracen is bringing a quantitative fundamental approach. This merger is also bringing risk management overlay capabilities.”
Once the deal is closed, the combined firm will have more than $800 million in assets under management.