Once the deal closes, Piedmont will be a wholly owned subsidiary of FIS Group. The combined firm is expected to have more than $10 billion in assets under management. FIS Group currently has about $5.6 billion in assets, while Piedmont has roughly $4.7 billion.
Both firms will continue to work with their respective clients from their current locations — FIS Group from its Philadelphia headquarters and Piedmont from its home base in Durham, N.C.
Financial terms of the deal were not disclosed. Subject to certain required approvals, the deal is expected to close in the third quarter.
FIS Group specializes in global and non-U.S. equity strategies, while Piedmont specializes in active, passive and structured beta equity strategies and core fixed income. Both firms are women and/or minority-owned.
"The two firms have long shared similar investment beliefs," said McCullough Williams, president and chief operating officer of FIS Group, in a news release. "Combining forces enables both firms to offer a full complement of equity (active and passive), fixed income (active), U.S., non-U.S. and global strategies."