BrightSphere Investment Group Inc. Completes Sale of Affiliates Thompson, Siegel & Walmsley, LLC and Investment Counselors of Maryland, LLC

Rhea-AI Summary

BrightSphere Investment Group announced the completion of its sale of a 75.1% stake in Thompson, Siegel & Walmsley to Pendal Group for about $240 million. Additionally, BrightSphere plans to redeem seed capital investments in TSW funds, expected to yield an extra $14 million, bringing total after-tax net proceeds from both transactions to approximately $196 million. The company also completed the sale of Investors Counselors of Maryland to William Blair Investment Management. Following these sales, BrightSphere will solely operate Acadian Asset Management, managing around $111 billion in assets.

Positive

• Completed sale of 75.1% interest in TSW for approximately $240 million.
• Expected total after-tax net proceeds from TSW sale and seed capital redemptions are around $196 million.
• Acadian Asset Management, as the sole business, manages approximately $111 billion in assets.

Negative

• None.

BrightSphere Investment Group Inc. (NYSE: BSIG) today announced that it has completed the sale of its 75.1% ownership interest in Thompson, Siegel & Walmsley, LLC (“TSW”) to Pendal Group Limited (“Pendal”). Total gross proceeds to BSIG from the transaction were approximately $240 million. In addition to proceeds from the transaction, BrightSphere will redeem its seed capital investments in TSW funds on or prior to October 31, 2021, resulting in estimated additional gross proceeds of approximately $14 million¹. Total after tax net proceeds to BrightSphere from the sale of TSW and seed capital redemptions are expected to be approximately $196 million.

In addition to the closing of TSW, on Monday, July 19, 2021, BrightSphere completed the sale of Investors Counselors of Maryland, LLC to William Blair Investment Management. Financial terms of the transaction were not disclosed.

As previously disclosed, BrightSphere anticipates closing its other announced transaction, the sale of Campbell Global, in the third quarter of 2021. Following the sale of Campbell Global, BrightSphere’s sole business will be Acadian Asset Management, with AuM of $111 billion as of March 31, 2021, which has been generating outperformance across multiple time periods through its quantitative strategies and solutions. As of March 31, 2021, 86%, 74%, 57%, 85% and 91% of Acadian’s strategies by revenue beat their benchmarks over the prior QTD, 1-, 3-, 5-, and 10- year periods.

About BrightSphere

BrightSphere is a global asset management company with one operating subsidiary, Acadian Asset Management, with approximately $111 billion of assets under management as of March 31, 2021². BrightSphere offers institutional investors across the globe access to a wide array of leading quantitative and solutions-based strategies designed to meet a range of risk and return objectives. For more information, please visit BrightSphere’s website at www.bsig.com. Information that may be important to investors will be routinely posted on our website.

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¹ Based on the valuation of seed capital investments in TSW funds as of April 30, 2021.
² Reflects the announced divestiture of Campbell Global, LLC, and gives effect for the completed sales of Landmark Partners LLC, Thompson Siegel & Walmsley, LLC and Investment Counselors of Maryland, LLC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210722006043/en/

FAQ

What was the total gross proceeds from the sale of TSW by BSIG?

The total gross proceeds from the sale of TSW were approximately $240 million.

What additional proceeds is BSIG expecting from the redemption of its TSW funds?

BrightSphere is expecting approximately $14 million from the redemption of its seed capital investments in TSW funds.

What are the expected total net proceeds from the sale of TSW and seed capital redemptions for BSIG?

The expected total after-tax net proceeds are approximately $196 million.

What is BrightSphere's sole remaining business following the sales?

Following the sales, BrightSphere's sole business will be Acadian Asset Management.

What is the amount of assets under management by Acadian Asset Management?

Acadian Asset Management manages approximately $111 billion in assets as of March 31, 2021.