A longtime Richmond investment management firm has found its latest suitor by way of Australia.
Thompson, Siegel & Walmsley, also known as TSW, is set to be acquired by Pendal Group for $320 million, the companies announced this week.
Headquartered in the West End, TSW has $23.6 billion in assets under management, adding to $21.1 billion which Pendal manages in the U.S. under its J O Hambro Capital Management subsidiary.
The deal, expected to close later this year, will give Pendal ownership of 100 percent of TSW, including the 25 percent owned by TSW management and the other 75 percent owned by investment management firm BrightSphere.
Boston-based BrightSphere has owned its majority stake of TSW since 2000. BrightSphere said in a release this week that its share of the Pendal deal is worth $240 million. BrightSphere said TSW had annual earnings of $22 million during 2020.
As part of the deal, TSW will remain headquartered at its home base at 6641 W. Broad St. in Reynolds Crossing. CEO John Reifsnider will take over as head of the combination of TSW and J O Hambro.
Reifsnider, who has been with the firm for 15 years and CEO since January, wasn’t available for comment Monday.
Pendal’s pending acquisition will mark the third time TSW has been acquired since its founding in 1969, by namesakes Matthew Thompson, John Siegel, and S. Pierce Walmsley IV.
Those three owned the firm outright until 1985, when it became affiliated with United Asset Management. It was part of UAM until the BrightSphere deal 15 years later.
Siegel passed away in 2002. Walmsley retired in September 2002, and Thompson retired in 2012.
TSW’s 74 employees all will remain on as part of the deal and its investment strategies will remain under the TSW brand.