BlackRock to buy Aperio for US$1.05 billion from Golden Gate Capital, employees

BlackRock to buy Aperio for US$1.05 billion from Golden Gate Capital, employees

The world's largest asset manager BlackRock Inc said on Monday it will buy Aperio Group LLC, an investment management services provider, from private equity firm Golden Gate Capital and Aperio employees for US$1.05 billion in cash.

FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York
FILE PHOTO: A sign for BlackRock Inc hangs above their building in New York U.S., July 16, 2018

REUTERS: The world's largest asset manager BlackRock Inc said on Monday it will buy Aperio Group LLC, an investment management services provider, from private equity firm Golden Gate Capital and Aperio employees for US$1.05 billion in cash.

BlackRock said the deal will boost its separately managed account (SMA) assets by roughly 30per cent to over US$160 billion.

The asset manager said the deal will be funded by existing corporate liquidity and is anticipated to close in the first quarter of 2021. It added that the deal is minimally dilutive to its earnings per share and is not expected to be dilutive on a cash basis.

BlackRock plans to operate Aperio as a separately branded, vertically integrated team within the company's U.S. Wealth Advisory business.

Sausalito, California-based Aperio partners with wealth advisers to build and manage personalized public equity portfolios, among other things.

(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)

Source: Reuters

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