IM Global Partner has taken a strategic, non-controlling stake in Berkshire Asset Management.
The transaction will make Berkshire the ninth partner of iM Global Partner, a global asset management network, according to a Monday news release.
As a result of this transaction, Berkshire joins iM Global Partner's global asset management and distribution network, the release added.
Neither iM Global Partner nor Berkshire could be immediately reached for terms of the transaction.
Wilkes-Barre, Pa.-based Berkshire was formed in 1986 and specializes in dividend-focused U.S. equity portfolios through its flagship dividend growth strategy. Berkshire had $3.96 billion in assets under advisement as of Oct. 31, the release indicated.
According to Paris-based iM Global Partner's website, the firm's other partners comprise Polen Capital Management, Dolan McEniry, Dynamic Beta Investments, Scharf Investments, Richard Bernstein Advisors, Zadig Asset Management, Asset Preservation Advisors and Sirios Capital Management.