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Laxman Pai, Opalesque Asia: Two New York-based private-equity firms agreed to acquire Wilshire Associates, an employee-owned Santa Monica-based investment advisory, management, and data company.
CC Capital Partners, a five-year-old firm founded by former Blackstone Inc. partner Chinh Chu, and Motive Partners, a specialist firm focused on financial technology, will pay an undisclosed amount for Wilshire Associates.
The 48-year-old Wilshire Associates was founded by Dennis Tito as an investment technology firm in the early 1970s. As the firm grew, it quickly expanded into investment data, advisory, and management services.
According to a press release, today it manages $73 billion in assets and advises on more than $1 trillion in assets, according to the company, serving more than 500 clients across 10 global offices.
"The foundations Wilshire has built over the last five decades provide a highly compelling opportunity from which to accelerate growth for its clients and the firm," said Chinh Chu, senior managing director of CC Capital, in a press release announcing the deal.
Rob Heyvaert, the managing partner of Motive Partners, added: "We are delighted to be partnering with CC Capital again, combining our teams' deep knowledge of the sector to execute our transformation plan, benefiting Wilshire's exceptional client base and future clients."
CC Capital and Motive intend to take advantage of Wilshire's brand and product capabilities while also providing...................... To view our full article Click here
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