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Laxman Pai, Opalesque Asia: Alternative money managers FS Investments and Portfolio Advisors signed a definitive agreement to merge, creating a combined firm with $73 billion in assets under management.
Philadelphia-based FS Investments, which sells alternative investments to individual investors, has more than $35 billion in assets under management. Darien, Connecticut-based Portfolio Advisors, a global middle-market private asset specialist, has more than $38 billion in assets under management.
"Together, FS Investments and Portfolio Advisors will meet increasing investor demand for alternatives with a diversified suite of alternative investment solutions for both institutional and individual investors," said a joint press release.
Michael Forman, Chairman and CEO of FS Investments, said, "I am thrilled to join forces with Portfolio Advisors and applaud our team, led by our Co-Presidents, Enrico Gaglioti, and Mike Kelly, for identifying an ideal strategic partner. This transaction is transformative for FS Investments, accelerating our efforts to broaden our institutional client base, diversify our offerings to include growth-oriented products such as private equity, and deepen our in-house investment capabilities. This combination also enhances our financial profile, diversifies our revenue streams, and positions us to invest in further growth."
According to the press release, the combined firm will have a well-diversified suite of investment capabilities acr...................... To view our full article Click here
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