BOSTON--(BUSINESS WIRE)--BrightSphere Investment Group Inc. (NYSE: BSIG) today announced that it has completed the sale of its 75.1% ownership interest in Thompson, Siegel & Walmsley, LLC (“TSW”) to Pendal Group Limited (“Pendal”). Total gross proceeds to BSIG from the transaction were approximately $240 million. In addition to proceeds from the transaction, BrightSphere will redeem its seed capital investments in TSW funds on or prior to October 31, 2021, resulting in estimated additional gross proceeds of approximately $14 million1. Total after tax net proceeds to BrightSphere from the sale of TSW and seed capital redemptions are expected to be approximately $196 million.
In addition to the closing of TSW, on Monday, July 19, 2021, BrightSphere completed the sale of Investors Counselors of Maryland, LLC to William Blair Investment Management. Financial terms of the transaction were not disclosed.
As previously disclosed, BrightSphere anticipates closing its other announced transaction, the sale of Campbell Global, in the third quarter of 2021. Following the sale of Campbell Global, BrightSphere’s sole business will be Acadian Asset Management, with AuM of $111 billion as of March 31, 2021, which has been generating outperformance across multiple time periods through its quantitative strategies and solutions. As of March 31, 2021, 86%, 74%, 57%, 85% and 91% of Acadian’s strategies by revenue beat their benchmarks over the prior QTD, 1-, 3-, 5-, and 10- year periods.
BrightSphere is a global asset management company with one operating subsidiary, Acadian Asset Management, with approximately $111 billion of assets under management as of March 31, 20212. BrightSphere offers institutional investors across the globe 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 Based on the valuation of seed capital investments in TSW funds as of April 30, 2021.
2 Reflects the announced divestiture of Campbell Global, LLC, and gives effect for the completed sales of Landmark Partners LLC, Thompson Siegel & Walmsley, LLC and Investment Counselors of Maryland, LLC.