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Laxman Pai, Opalesque Asia: Prudential Financial's funds arm PGIM is acquiring former Bank of England policymaker Sushil Wadhwani's computer-driven hedge fund.
The London-based quantitative macro-focused investment management firm Wadhwani Asset Management (WAM) will become part of QMA, the quant unit of Prudential's funds arm PGIM.
A press release from the $1 trillion global investment management business of Prudential Financial said that subject to all regulatory approvals, the deal is expected to close in the first quarter of 2019.
Upon closing, WAM will become part of the QMA business. Wadhwani, who has previously worked at Goldman Sachs and hedge funds Tudor and Caxton, will continue as chief investment officer.
The acquisition will bolster QMA's global build-out efforts, and QMA expects to invest significantly in further developing the WAM business. QMA managed $128.1 billion as of September 30, 2018.
Andrew Dyson, chief executive officer and chairman of QMA. "Wadhwani Asset Management has significant experience and pedigree in systematic and quantitative macro investing, alongside Sushil's sterling reputation as an economist, investor, and academic."
"QMA has grown rapidly outside the U.S. over the past 12 months, and this acquisition is yet another milestone, as we continue to develop our global expansion strategy," said Dyson. "In addition to extending QMA's product set, this deal offers an appealing combination of access to complementary...................... To view our full article Click here
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