IM Global Partner continues to expand its U.S. footprint by acquiring a minority stake in municipal bond manager Asset Preservation Advisors.
IMGP has taken a 42% non-controlling stake in Asset Preservation Advisors, an Atlanta-based investment manager with $4.8 billion in assets under management, specializing in tax-exempt and taxable municipal bonds.
IM Global Partner operates in 16 locations in Europe and the U.S. through numerous partners, with $37 billion in assets under management.
APA will retain its independence and take advantage of iM Global Partner's global asset management and distribution network, a joint news release said Wednesday.
It is iM Global Partner's second partnership launch with a U.S.-based firm this year. It announced in July the acquisition of a 45% non-controlling stake in Richard Bernstein Advisors.
Kevin Woods, partner at Asset Preservation Advisors, said in a statement that the new partnership has allowed the firm to undertake some succession planning.
Charles Doty, president, and Kevin Woods, managing partner and chief investment officer, have been named co-CEOs, while founder and CEO Kenneth Woods has been named chairman and Trish Hodgman, portfolio manager, has been named president.
The majority stake will be owned by Mr. Doty and Kevin Woods.