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Phoenix to Acquire Kayne Anderson Rudnick
The move is in a bid to expand Phoenix’s reach into sponsored managed account, high-net-worth and institutional markets.
Under the agreement, Phoenix will purchase an initial 60% interest in Kayne Anderson Rudnick Investment Management for a cash amount based on management fee revenues at the deal’s closing.
The transaction, which does not include KA Associates, a broker/dealer, or Kayne Anderson Capital Advisors LP, an alternative investments advisor, is expected to close in the first quarter of 2002 and is subject to client approval
Kayne Anderson Rudnick’s investment management operations will remain unchanged, and existing management will continue to be responsible for day-to-day management of the firm.
– Camilla
Klein
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