M&A
T Rowe Price
The global investment manager has acquired 100% of the equity of alternative credit manager Oak Hill Advisors for up to $4.2bn (£3bn, €3.6bn).
Around $3.3bn will be paid at closing – 74% in cash and 26% in T Rowe Price common stock and an additional $900m in cash upon achieving certain business milestones in 2025. The purchase price includes Oak’s outstanding debt.
The deal is expected to finalise by the end of 2021, and it will see the two firms work together to expand and develop product strategies for T Rowe Price’s wealth and retail channels.
SEI
The global provider of investment solutions has bought investor lifecycle management firm Finomial for an undisclosed sum.
SEI will leverage the acquired firm’s cloud-based technology to enhance automation and digitisation capabilities as well as reporting and transparency.
People Moves
Rockefeller Asset Management (RAM)
The asset management division of Rockefeller Capital Management has set up an international arm in London to expand its presence and services in the UK, Europe and Asia.
As a result, John Montgomery, RAM’s head of business strategy and corporate development, has been promoted to president of RAM International.
He will use his ties to European intermediaries and clients to oversee the firm’s non-US strategy, including opening a London office and creating a UK-based team in 2022.
Allspring Global Investments
Chris Baker will take on the role of chief compliance officer, effective from January 2022.
He joins Allspring from State Street Global Advisors where he currently works in a similar position.
Raymond James
Financial adviser Jeff Little joined Raymond James & Associates – the firm’s employee adviser channel – in Gadsden, Alabama.
He will be operating as JL Wealth Management of Raymond James, joined by branch associate and financial adviser trainee Brock Little, and senior client service associate Lynn Young.
The team previously managed around $156m in client assets at Wells Fargo and they serve business owners, families, and retirees.
BNY Mellon Wealth Management
Karen Sugihara has been named regional fiduciary manager at BNY Mellon WM in San Francisco.
She will lead the fiduciary business for California as manage the firm’s advisory services to clients.
Sugihara joins from Wells Fargo where she spent the last eight years, most recently as senior regional fiduciary manager.
Sentinel Trust Company
Independent wealth management firm Sentinel Trust Company named two vice presidents.
Devangi Thakkar has become VP of investment performance and reporting manager, while Foluyinka Folowosele VP and accounting manager.
Thakkar was a senior performance analyst at Invesco, while Folowosele was an assistant VP at State Street.
Stonehage Fleming
The family office has expanded its US team.
Joshua Runyan, an American attorney, joined the firm to focus on US and international tax planning.
He will assist individuals and families with tax planning and business succession planning needs, as well as intergenerational wealth transfers, planned charitable giving, and tax controversy representation.
