Ray Jay asset management arm completes ClariVest deal

Ray Jay asset management arm completes ClariVest deal
Eagle closes buyout of minority shareholders in quant manager.
DEC 23, 2012
Eagle Asset Management Inc, the wholly owned asset management subsidiary of Raymond James Financial Inc., has closed its minority investment in ClariVest Asset Management LLC, according to a news release. Eagle completed the buyout of minority shareholders in ClariVest, including private-equity investors Lovell Minnick Partners LLC. It now has a 45% interest in the San Diego-based firm, which was launched in 2006. ClariVest is majority owned by management and employees, and currently has more than $3 billion in assets under management. When the deal was announced in October, Richard Rossi, president and co-chief operating officer of Eagle, said it would expand Eagle's investment management expertise and give ClariVest more resources to grow. Mr. Rossi was not available for comment today. Stacey R. Nutt, president and chief investment officer of Clarivest, did not return a call seeking comment. ClariVest uses quantitative-investing strategies with a focus on domestic and global stock picking. The money manager's senior principals include former portfolio managers and investment team members of Nicholas-Applegate Capital Management LLC, another San Diego-based asset manager. ClariVest lists 15 products on its website ranging from small-cap core to a market-neutral offering. It offers services to corporate and public pension plans, foundations, endowments and multiemployer defined-benefit pension plans. Eagle Asset Management currently has more than $21 billion in assets under management from institutional, mutual fund and high-net-worth clients.

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