(April 27 – 09:50 ET) – Amvescap is acquiring Pell Rudman & Co. Inc. from Old Mutual plc for a cash payment of US$172 million, as well as asset retention payments of up to US$28 million over two years. The transaction is subject to regulatory approval and is expected to close in the third quarter of 2001.

Based in Boston, Pell Rudman provides asset management services to high net worth individuals, families, and foundations and endowments. It serves more than 550 private clients, with US$8 billion in assets under management, from offices in Boston, Washington, D.C., Baltimore, Wilmington, Denver and Atlanta. The company provides investment management, asset allocation, trust services, custody and family office services.

Upon completion of the purchase, the Pell Rudman team, leadership and name will remain in place and form the foundation of Amvescap’s Private Wealth Management Division, which is headed by Donald Herrema.
-IE Staff