Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has entered into a definitive agreement to acquire Litman Gregory, a nationally recognized wealth and asset management boutique managing $4 billion in assets under management and overseeing $2.2 billion of assets under advisory*.
Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent asset management services to investors. For over three decades, Litman Gregory has focused on providing in-depth investment research and personalized wealth management to individuals and multigenerational families to help them achieve their financial goals. The company also supports nonprofit organizations by serving as their fiduciary partner and outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad range of US mutual funds.
In just a few years iM Global Partner has become a premier global asset management network. The addition in the U.S., once completed, is expected to bring assets under management of the group to over $24 billion (from $20 billion as at end of December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates iM Global Partner’s commitment to continued cross-border growth in serving the needs of sophisticated investors.
Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful set of high-quality investment solutions to serve both institutional and private clients in the U.S. and internationally. Building upon common values and strengths, which are focused on commitment to investment excellence, innovation and client service, the group will be able to further enhance service to clients for years to come.
iM Global Partner plans to operate Litman Gregory Wealth Management as a separate business unit to preserve the strong recognition, independence and expertise that it has built over many decades with its cross-generational clients.
Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global Partner brings complementary global research resources and strong alignment on total client focus. The combination of our organizations is a natural fit because of our shared research DNA, commitment to independent thinking, integrity and total client focus.”
Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory becoming a part of our group is a major step forward as we continue our U.S. expansion. This strategic operation allows us to add Wealth Management as a new key activity for iM Global Partner. Our clients will benefit from the synergies that result when like-minded organizations leverage their talents and resources to enhance the client experience.”
Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our Litman Gregory colleagues moving forward and see tremendous opportunities for the continued development of long-term investment solutions to serve various clients in the U.S. and internationally.”
This operation is subject to the approval of the SEC (Securities and Exchange Commission) and is expected to close in the second quarter of 2021.
*The companies that manage assets include Litman Gregory Asset Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December 2020.
Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal advisors to iM Global Partner.
Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale served respectively as financial and legal advisors to Litman Gregory.