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BlackRock to buy Aperio for $1.05bn in cash

Tuesday, November 24, 2020

Laxman Pai, Opalesque Asia:

The world's largest asset manager BlackRock is acquiring buy Aperio Group LLC, an investment management services provider, from private equity firm Golden Gate Capital and Aperio employees for $1.05 billion in cash.

BlackRock, in buying Aperio, is betting on growing interest by individuals for portfolios tailored to their values. Aperio is a pioneer in customizing tax-optimized index equity separately managed accounts (SMAs) to reflect each client's unique risk, tax, and personal values preferences.

Aperio managed $36 billion as of Sept. 30. BlackRock said the deal will boost its SMA assets by roughly 30% to over $160 billion. The deal is expected to close in the first quarter of 2021.

BlackRock is already a leading provider of SMAs for U.S. wealth management-focused intermediaries. The firm's SMA franchise specializes in providing customized actively-managed fixed income, equity, and multi-asset strategies.

Aperio will continue to operate under its own brand name as a team within BlackRock's U.S. wealth advisory business, a news release from the asset manager said.

"Aperio also pioneered individually customized ESG portfolios that enable investors to elevate the purpose of their wealth and make an impact on causes deeply important to them," the release said.

Aperio's client service model focuses on ultra-high net worth households and institutions served by private banks and the fast-growing independent registered investme......................

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