A long-time Richmond investment management firm has found its latest suitor via Australia.
Thompson, Siegel & Walmsley, also known as TSW, is to be acquired by Pendal Group for $320 million, the companies announced this week.
Based in the West End, TSW has $23.6 billion in assets under management, adding to the $21.1 billion that Pendal manages in the United States under its subsidiary JO Hambro Capital Management.
The deal, which is expected to close later this year, will give Pendal 100% ownership of TSW, including 25% owned by TSW management and the remaining 75% owned by investment management firm BrightSphere. .
Boston-based BrightSphere has held its majority stake in TSW since 2000. BrightSphere said in a statement this week that its share of the Pendal deal is worth $240 million. BrightSphere said TSW made $22 million in annual profit in 2020.
As part of the agreement, TSW will retain its corporate headquarters at 6641 W. Broad St. in Reynolds Crossing. CEO John Reifsnider will head up the combination of TSW and JO Hambro.
Reifsnider, who has been with the company for 15 years and CEO since January, was unavailable for comment on Monday.
The pending acquisition of Pendal will mark TSW’s third acquisition since its founding in 1969, by namesakes Matthew Thompson, John Siegel and S. Pierce Walmsley IV.
These three people owned the company until 1985, when it became affiliated with United Asset Management. It was part of the UAM until the BrightSphere deal 15 years later.
Siegel died in 2002. Walmsley retired in September 2002, and Thompson retired in 2012.
All 74 TSW employees will remain as part of the agreement and its investment strategies will remain under the TSW brand.