Allianz Global Investors announces sale of Cadence Capital Management
NEW YORK, June 20, 2005 (PRIMEZONE) – Allianz Global Investors AG (NYSE:AZ), one of the world’s largest asset managers and a subsidiary of Allianz AG, announced today the sale of Cadence Capital Management LLC, an institutional equity manager based in Boston, MA with $6 billion in assets under management. According to terms of the agreement, executives of Cadence Capital will increase their current minority position to a controlling interest in the firm. Rosemont Investment Partners LLC, a private equity firm based in West Conshohocken, Pennsylvania, will provide the equity capital and become the sole outside shareholder in Cadence.
As part of the agreement Cadence Capital, which was established in 1988, will continue to manage over $2.4 billion of assets as a sub-adviser to four Allianz mutual funds.
“This sale is the right decision for both Allianz Global Investors and Cadence Capital Management, completing a plan we made some years ago,” said Joachim Faber, CEO of Allianz Global Investors. “It allows us now to further focus our activities on our core group of investment managers, while providing for a level of continuity in the management of those mutual funds subadvised by Cadence.”
“We’re excited about the prospects of becoming an independent, management-controlled investment firm and we are delighted to continue our partnership with Allianz,” said Cadence Capital CEO Mike Skillman. “This agreement allows us to stay focused on the needs of our institutional clients while benefiting from the relationship and mutual fund distribution prowess of Allianz Global Investors.”
About Allianz Global Investors
Allianz Global Investors offers access to the institutional expertise of the Allianz-owned investment firms, including PIMCO, NFJ Investment Group, Oppenheimer Capital, RCM, Nicholas-Applegate and PEA Capital. With more than $1 trillion under management, Allianz Global Investors is one of the world’s leading asset management companies. Our investment solutions — including mutual funds, managed accounts and closed-end funds — represent a broad spectrum of asset classes and investment styles. For more information please visit www.allianzglobalinvestors.com
The Allianz Global Investors logo can be found at http://www.primezone.com/newsroom/prs/?pkgid=1679
About Cadence Capital Management
Cadence Capital Management is a management-led firm offering US growth equity portfolios across the market capitalization range through separate accounts and mutual funds. The company, based in Boston, Massachusetts, has $6 billion in assets under management and distributes its institutional products under the Cadence name while serving as the sub-advisor to several mutual funds under the Allianz name. For more information please visit www.cadencecapital.com