BlackRock said Monday that it will acquire Aperio Group, a provider of customized, tax-optimized indexed equity separate accounts for ultra-high-net-worth investors.
BlackRock will acquire the firm from private equity manager Golden Gate Capital and Aperio employees for $1.05 billion.
The deal is expected to close in the first quarter of 2021, confirmed Melissa Garville, a BlackRock spokeswoman, in an email.
Aperio managed $36 billion as of Sept. 30, which will boost BlackRock's separately managed accounts by about 30% to $160 billion, Ms. Garville said.
Aperio will continue to operate under its own brand name as a team within BlackRock's U.S. wealth advisory business, a news release said.
"The wealth manager's portfolio of the future will be powered by the twin engines of better after-tax performance and hyper-personalization," said Martin Small, managing director and head of BlackRock's U.S. wealth advisory business in the news release. "BlackRock and Aperio will bring unmatched capabilities to meet these objectives."
BlackRock managed $7.81 trillion as of Sept. 30.
