Private equity firm Golden Gate Capital acquired a majority stake in investment management firm Aperio Group, Golden Gate said in a news release.
Terms were not disclosed, nor did Golden Gate disclose from whom they acquired the stake in Aperio. However, Patrick Geddes, Aperio CEO, and Paul Solli, chief marketing and strategy officer, will remain with the firm and retain a "significant" ownership stake, according to the release.
In a separate news release, multiboutique money management firm Pacific Current Group said it agreed to sell its 23.4% stake in Aperio to Golden Gate for $73 million. PCG had acquired the stake in January 2016 for $32 million, the release said. That deal is expected to close in up to eight weeks, according to PCG.
UBS was financial adviser to Aperio Group.
Aperio has $27 billion in assets under management in targeted risk, socially responsible and ESG strategies.
An Aperio spokesman could not be reached for further details. Golden Gate had no further comment, a spokesman there said.