Ropes & Gray represented BrightSphere Investment Group, Inc. in the sale of its 75.1% ownership interest in Thompson, Siegel and Walmsley LLC (TSW) to Pendal Group Limited for $240 million. As part of the transaction, Pendal will also acquire the 24.9% ownership interest in TSW held by the TSW management team, resulting in Pendal acquiring 100% of TSW for approximately $320 million. The transaction was announced on May 9. The press release is here.
TSW is a Richmond, Virginia-based investment management firm that applies a value-oriented investment approach across a range of products in U.S. and international equities, fixed income and alternative investments. TSW held $24.9 billion in assets under management as of March 31, 2021. BrightSphere is a diversified, global asset management company with approximately $141 billion of assets under management as of March 31, 2021. This is the fifth announced affiliate divestiture transaction in which Ropes & Gray has represented BrightSphere in the last year.
The Ropes & Gray team that represented BrightSphere was led by private equity partner Matthew Richards (Chicago), and included tax partner Amanda Holt (Boston), employment, executive compensation & benefits partner Joshua Lichtenstein (New York), asset management partner David Sullivan (Boston) and mergers & acquisitions partner William Michener (Boston).
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find our more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.