Cramer Rosenthal McGlynn completedWilmington Trustyout of Wilmington Trust's majority stake in the money manager to become 100% employee-owned, said Harris Swenson, vice president, head of sales and global consultant relations, in an email.
Terms of the deal, which is expected to close in September or October, were not disclosed. Wilmington Trust had originally purchased a 24% stake in the money manager in 1998 and currently owns 89%, Mr. Swenson said. Gerald B. Cramer, Edward J. Rosenthal and Ronald H. McGlynn founded the firm in 1973.
"With the finalization of this agreement, the employees of CRM have completed a long-held goal of repurchasing the non-employee ownership of the firm in order to better align our interests with those of our clients and stakeholders, after a long and prosperous relationship with Wilmington Trust," said Christopher C. Barnett, president and director of marketing, in a news release. "At CRM, we regularly discuss the importance of timing in the context of investing. With this repurchase, we see a confluence of factors that enables us to position our organization for the future success of our employees and our clients."
The money manager will continue to be led by Mr. Barnett and Brian M. Harvey, co-chief investment officer, director of research and portfolio manager, as the firm's executive committee.
Cramer Rosenthal McGlynn has $3.8 billion in assets under management.