BrightSphere Investment Group Inc. Completes Sale of Landmark Partners LLC

Rhea-AI Summary

BrightSphere Investment Group has finalized the sale of its 60% stake in Landmark Partners to Ares Management for total gross proceeds of $719 million. This includes the transfer of co-investment interests. After customary adjustments, estimated after-tax proceeds are around $625 million. Suren Rana, CEO, stated this divestment enhances shareholder value and positions the company to focus on Acadian, which has a strong track record in quantitative strategies. BrightSphere manages approximately $116 billion in assets as of March 31, 2021.

Positive

• Total gross proceeds from the sale reached $719 million.
• Estimated after-tax proceeds are approximately $625 million.
• The sale strengthens BrightSphere's focus on Acadian, known for its long-term performance.

Negative

• None.

BrightSphere Investment Group Inc. (NYSE: BSIG) today announced that it has completed the sale of its 60% ownership interest in Landmark Partners LLC (“Landmark”) to Ares Management Corporation (NYSE: ARES). In connection with the sale, BrightSphere has also transferred its co-investment interests in Landmark funds to Ares. Total gross proceeds to BSIG from the transaction, which includes proceeds from the transfer of its ownership equity and co-investment interests, plus customary closing adjustments, were $719 million, and anticipated after-tax proceeds are expected to be approximately $625 million.

“The closing of this sale transaction provides an attractive new home for Landmark as part of the Ares family while also providing attractive value to our shareholders for our interests in Landmark. After closing our other announced sale transactions in the coming months, the Company will almost entirely comprise Acadian, which has been generating sustained outperformance for its sophisticated institutional clients for decades through its differentiated quantitative strategies and solutions,” said Suren Rana, President and Chief Executive Officer of BrightSphere.

About BrightSphere

BrightSphere is a diversified, global asset management company with approximately $116 billion of assets under management as of March 31, 2021¹. Through its world-class investment management capabilities, BrightSphere offers sophisticated investors 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.

¹ Assets under management as of March 31, 2021 shown above reflects the announced divestitures of Thompson Siegal & Walmsley and Investment Counselors of Maryland, and gives effect for the completed sale of Landmark Partners LLC, which was completed on June 2, 2021.

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FAQ

What recent sale did BrightSphere Investment Group complete?

BrightSphere completed the sale of its 60% ownership interest in Landmark Partners to Ares Management.

How much did BrightSphere receive from the sale of Landmark Partners?

BrightSphere received total gross proceeds of $719 million from the sale.

What are the anticipated after-tax proceeds from the Landmark sale?

The anticipated after-tax proceeds from the sale are approximately $625 million.

What will BrightSphere focus on after the sale of Landmark Partners?

After the sale, BrightSphere will primarily focus on Acadian and its quantitative investment strategies.

How much assets does BrightSphere manage?

As of March 31, 2021, BrightSphere manages approximately $116 billion in assets.