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Laxman Pai, Opalesque Asia: French asset manager iM Global has bought Litman Gregory, a San Francisco Bay Area wealth and asset management boutique as part of a plan to hit $100bn in assets over the next seven years.
Litman Gregory, based in Walnut Creek, California, has $4 billion in assets under management and overseeing $2.2 billion of assets under advisory. iM Global Partner, founded by Philippe Couvrecelle in 2013, had around $20 billion of assets under management as of December 2020.
The addition of Litman Gregory in the U.S. is expected to bring assets under management of the group to over $24 billion and will enhance distribution capabilities in the U.S. It further demonstrates iM Global Partner's commitment to continued cross-border growth in serving the needs of sophisticated investors, claimed a press release.
The transaction, which is expected to close in the second quarter of 2021, is subject to the approval of the Securities and Exchange Commission.
According to the release, iM Global Partner plans to operate Litman Gregory Wealth Management as a separate business unit to preserve the strong recognition, independence, and expertise that it has built over many decades with its cross-generational clients.
Steve Savage, CEO of Litman Gregory, said: "We are excited to become a part of iM Global Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global Partner brings complementary global research resources ...................... To view our full article Click here
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