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Ropes & Gray Represents BrightSphere Investment Group in the Sale of Thompson, Siegel and Walmsley LLC to Pendal Group Limited

Practices: Private Equity, Mergers & Acquisitions, Executive Compensation & Employee Benefits, Asset Management

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).

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