AMVESCAP to Purchase Stein Roe Investment Counsel LLC
November 20 2003 - 4:00PM
PR Newswire (US)
AMVESCAP to Purchase Stein Roe Investment Counsel LLC Plans to
Integrate Into Private Wealth Management Division LONDON, Nov. 20
/PRNewswire-FirstCall/ -- AMVESCAP PLC announced today it has
agreed to acquire Stein Roe Investment Counsel LLC (SRIC) from
senior management and Putnam Lovell Equity Partners L.P. SRIC, with
offices in Chicago, New York, Southern California, and San
Francisco, will become a part of the Atlantic Wealth Management
Group, the private wealth management division of AMVESCAP, which
includes Atlantic Trust. Upon integration, SRIC will add an
anticipated $7.3 billion in assets under management to the Atlantic
Wealth Management Group. The purchase price includes a payment of
$117.5 million, comprised of 60% in cash and 40% in AMVESCAP
ordinary shares, plus additional payments of up to $43.0 million
that are contingent upon meeting certain client retention and
revenue growth goals. Stein Roe Investment Counsel traces its
origins to 1932 when a wealthy Chicago family became the first
clients of Sydney Stein, Jr. and Frederick Roe. Today, Stein Roe
Investment Counsel LLC is one of the largest U.S.-based independent
investment counseling firms, focused on managing capital and
providing advisory services for high net worth individuals and
families, charities, and other institutions. "This combination
brings together a distinguished investment counseling firm with our
integrated private wealth management and trust capabilities," said
Donald J. Herrema, chairman and chief executive officer of Atlantic
Wealth Management Group. "Once integrated, we will be even better
positioned to provide current and future clients a unique and
superior approach to managing their wealth through 13 offices
across the United States." William E. Rankin, president and chief
executive officer of Stein Roe Investment Counsel LLC, added: "This
is a compelling opportunity because it allows us to bring together
the unique tradition, skills, and capabilities of our two firms. We
believe this merger of skills combined with a deep coast- to-coast
presence exceeding $15 billion in assets under management will
position us as a significant presence in the wealth management
marketplace." About Atlantic Wealth Management Group Atlantic
Wealth Management Group, Inc., a division of AMVESCAP, is a leading
wealth management firm that provides comprehensive asset management
and financial advisory services to private clients around the
world. With $9 billion in assets under management (as of September
30, 2003), Atlantic Wealth Management Group manages wealth for
individuals and families, and provides asset management services to
foundations and endowments. Atlantic Trust Private Wealth
Management provides investment management, asset allocation, trust,
custody, and family office services. Atlantic Trust has offices in
New York, Boston, Atlanta, Houston, Palm Beach, Austin, North
Carolina, Baltimore, Denver, and Washington, D.C. For more
information, please visit http://www.atlantictrust.com/ . About
AMVESCAP AMVESCAP is a leading independent global investment
manager, dedicated to helping people worldwide build their
financial security. Operating under the Atlantic Trust, AIM, and
INVESCO brands, AMVESCAP strives to deliver outstanding investment
performance and service through a comprehensive array of retail and
institutional products for clients in more than 100 countries. The
company is listed on the London, New York, Paris, and Toronto stock
exchanges with the symbol "AVZ". For more information, please visit
http://www.amvescap.com/ . AMVESCAP will apply, following closing,
to the U.K. Listing Authority, for admission of shares to the
Official List. Cambridge International Partners, Inc. acted as
financial advisor to AMVESCAP in this transaction. About Putnam
Lovell Equity Partners LP Putnam Lovell Equity Partners LP is
managed by Putnam Lovell NBF Private Equity, a private equity firm
that provides growth capital to developing companies in the
financial services industry. Portfolio companies of Putnam Lovell
NBF Private Equity manage nearly $30 billion on behalf of
institutional investors, high net worth individuals and mutual fund
clients. With offices in Los Angeles and New York, Putnam Lovell
NBF Private Equity sponsors and manages partnerships totaling $150
million for qualified private and institutional investors and
co-manages $700 million in public securities. Putnam Lovell NBF
Private Equity is a trade name of Putnam Lovell Capital Partners
Inc., which is an affiliate of National Bank Financial Inc. and the
National Bank of Canada. For more information regarding Putnam
Lovell NBF Private Equity visit http://www.putnamlovellcapital.com/
. DATASOURCE: AMVESCAP PLC CONTACT: Marsha L. Askins, Director of
Marketing & Communications of Atlantic Trust Private Wealth
Management, +1-212-259-3820, or e-mail, Web site:
http://www.putnamlovellcapital.com/ http://www.atlantictrust.com/
http://www.amvescap.com/
Copyright