Seventeen money management deals took place in the fourth quarter of 2022, down from 32 transactions in the year-earlier quarter. Assets under management involved in the latest quarter’s transactions totaled $164 billion, down 61% from $422.2 billion in the previous quarter. Over the last 4 years, the lowest AUM involved in transactions was $156.5 billion in the first quarter of 2019.
In the fourth quarter, the $176.6 billion Korea Investment Corp. agreed to acquire a less than 5% stake in Golub Capital and the acquisition is consistent with KIC’s strategic goals of increasing allocations to direct investments and co-investments. Dyal Capital Partners IV will sell an undisclosed stake in European private debt manager Arcmont Asset Management to Nuveen. The acquisition will complement Nuveen’s North American Churchill Asset Management unit, bringing together $60 billion in committed capital. Aristotle Capital Management plans to acquire Pacific Life Insurance Co.’s $20 billion credit money management firm Pacific Asset Management, and $180 billion Conning agreed to take a majority stake in real estate manager Pearlmark for an undisclosed amount.
Manulife Investment Management agreed to acquire the remaining 51% stake in joint venture Manulife TEDA Fund Management Co. with the approval from the China Securities Regulatory Commission. Mubadala Capital, founded in 2017 by the partnership of sovereign wealth fund Mubadala Investment with private investment manager Ardian, formed a separate $2.1 billion partnership with Ardian. Perpetual rejected an unsolicited, non-binding proposal by Regal Partners and BPEA Private Equity Fund VIII to acquire 100% of Perpetual for A$1.75 billion.
Wintrust Financial acquired Rothschild & Co.'s $8 billion U.S. asset management arm for an undisclosed sum. Credit Suisse Group was looking into selling its U.S. Credit Suisse Asset Management, with interests from private equity firms.
There also were 11 deals in the quarter that did not involve money managers. Apollo Global Management agreed to acquire Credit Suisse’s $50 billion securitized products group. Madison Dearborn Partners agreed to purchase Wilmington Trust’s CIT business for an undisclosed amount, and CACEIS agreed to purchase the European asset servicing business of RBC Investor Services and its associated Malaysian operational center. State Street terminated the acquisition deal of Brown Brothers Harriman Investor Services.
All information is based on transactions reported by Pensions & Investments’ global reporting staff.
