William Blair Investment Management agreed to acquire BrightSphere Investment Group affiliate Investment Counselors of Maryland, said Tucker Hewes, a spokesman for William Blair. Terms of the deal, which is expected to close in the second quarter, were not disclosed.
ICM is an institutional U.S. value equities investment firm founded in 1972 with $3.2 billion in assets. Its eight-person investment team, led by Bill Heaphy, ICM portfolio manager and managing principal, will join William Blair.
"William Blair is a perfect strategic fit for ICM and our clients," said Mr. Heaphy in a news release. "Its investment-led, client-focused private partnership aligns strongly with ICM's culture. In addition, its broad distribution resources and infrastructure backbone will support our current investment process and client engagement, while facilitating future growth."
Stephanie Braming, partner and global head of William Blair Investment Management, added in the release that ICM's team "will broaden and deepen William Blair's value expertise and will add another strong pillar to our well-known U.S., international and emerging markets small-cap franchise."