PGIM’s global multi-asset manager QMA has acquired $1.4bn worth London based Wadhwani Asset Management (WAM). The acquisition gives QMA a client base in the UK, Australia, Japan and continental Europe. This acquisition for QMA follows their strategy on European expansion following the 2017 appointment of former Blackrock Head of Global Consultant Relations, John Gee-Grant.
The takeover, still subject to regulatory approval, is set to be completed in Q1 2019 and brings QMA’s total assets under management to $130 billion and product set to 50. $1.4bn macro specialist Wadhwani Asset Management, formed in 2002 employs 35 people and will continue to be served by founder Sushil Wadhwani as CIO.
Speaking on the deal Andrew Dyson, CEO and Chairman of QMA said, “QMA has grown rapidly outside the US over the past 12 months, and this acquisition is yet another milestone, as we continue to develop our global expansion strategy. In addition to extending QMA’s product set, this deal offers an appealing combination of access to complementary industry-leading products, with the benefit of greater breadth of geographic reach and operational scale”.
Whilst Sushil Wadhwani highlighted that a cultural match between the two organisations allowed for the deal to happen, “chemistry is very important in these kinds of deals. Everyone we’ve met with at QMA has been every easy to get on with. What was appealing was the sales force at QMA is quantitative literate and will do a good job projecting to the outside world”.
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