BOSTON--(BUSINESS WIRE)--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.
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.