United Asset Management
{{Short description|Former American holding company}}
{{Infobox company
| name = United Asset Management
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| type = Private
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| industry = Financial services
| foundation = {{Start date and age|1980}}
| founder = Norton Reamer
| defunct = {{End date|2000}}
| fate = Acquired by Old Mutual
| successor =
| location_city = Boston, Massachusetts
| location_country = U.S.
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United Asset Management was an American holding company headquartered in Boston, Massachusetts.
Background
The company was founded in 1980 as United Asset Management (UAM) by Norton Reamer, who previously had served as the CEO of Putnam Investments.{{cite news |last=Weintraub |first=Arlene |date=March 15, 1998 |title=United Asset Hopes Its First-Aid Plan Will Stop the Bleeding |newspaper=The New York Times |url=https://www.nytimes.com/1998/03/15/business/mutual-funds-united-asset-hopes-its-first-aid-plan-will-stop-the-bleeding.html |accessdate=November 22, 2011}}{{Cite web |last=Thakray |first=Rachelle |date=June 20, 2000 |title=Old Mutual extends US reach |url=https://www.independent.co.uk/news/business/news/old-mutual-extends-us-reach-with-2bn-uam-acquisition-713116.html |url-status=dead |archive-url=https://web.archive.org/web/20121104113150/http://www.independent.co.uk/news/business/news/old-mutual-extends-us-reach-with-2bn-uam-acquisition-713116.html |archive-date=November 4, 2012 |accessdate=18 April 2011 |work=The Independent}} The company was the first major firm with a business model that consisted of purchasing a number of money management firms.{{cite journal |last=Campbell |first=John |date=Spring 1997 |title=Inside the Market for Private Businesses |url=http://www.bos.frb.org/economic/nerr/rr1997/spring/camp97_2.htm |journal=Regional Review |volume=7 |issue=2}}
UAM's strategy was to purchase a variety of investment management firms, and then keep a portion of the firms' profits. They allowed each company to operate autonomously and did not close poorly performing units. More than half of UAM's assets were retirement funds. They used stock and cash to fund its acquisitions. They used First Boston as an investment bank to raise money for takeovers, using equity rather than convertible bonds.{{citation |last=Williamson |first=John Peter |title=The Investment banking handbook |url=https://archive.org/details/investmentbankin00will/page/122 |pages=[https://archive.org/details/investmentbankin00will/page/122 122–123] |year=1988 |publisher=John Wiley and Sons |isbn=978-0-471-81562-4 |url-access=registration}} Some investors viewed the idea of purchasing stock in UAM as akin to an option on the New York Stock Exchange, where it was listed in 1987.{{cite news |last=Wayne |first=Leslie |date=January 17, 1994 |title=United Asset: Little-Known Financial Giant |newspaper=The New York Times |url=https://www.nytimes.com/1994/01/17/business/united-asset-little-known-financial-giant.html |accessdate=November 22, 2011}}
In 1992, UAM acquired Acadian Asset Management.{{Cite news |date=1992-11-06 |title=United Asset Management reports earnings for Qtr to Sept 30 (Published 1992) |work=The New York Times |language=en |url=https://www.nytimes.com/1992/11/06/business/united-asset-management-reports-earnings-for-qtr-to-sept-30.html |access-date=2023-08-21}}
In September 2000, UAM was purchased by Old Mutual for US$1.46 billion in cash. Old Mutual also assumed UAM net debt of around US$769 million. The company was then renamed Old Mutual Asset Management (OMAN).{{citation |last1=Kallifatides |first1=Markus |title=Corporate governance in modern financial capitalism: Old Mutual's hostile takeover of Skandia |page=149 |year=2010 |publisher=Edward Elgar Publishing |isbn=978-1-84844-684-7 |last2=Nachemson-Ekwall |first2=Sophie |last3=Sjöstrand |first3=Sven-Erik}}
Post acquisition
In June 2016, OMAN acquired 60% of Landmark Partners for $240 million.{{Cite news |date=2016-06-14 |title=Old Mutual U.S. Unit Buys $240 Million Landmark Partners Stake |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2016-06-14/old-mutual-u-s-unit-buys-240-million-landmark-partners-stake |access-date=2023-08-21}}
On October 15, 2014, OMAN held an initial public offering on the New York Stock Exchange.{{Cite web |last=Bray |first=Chad |date=2014-10-09 |title=Old Mutual's Asset Management Arm I.P.O. Priced Low at $14 a Share |url=https://dealbook.nytimes.com/2014/10/09/old-mutuals-asset-management-arm-i-p-o-priced-low-at-14-a-share/ |access-date=2023-08-21 |website=DealBook |language=en}}
In March 2018, the company rebranded itself as Brightsphere Investment Group.{{Cite news |date=2018-03-02 |title=BRIEF-Omam Plans To Rebrand As Brightsphere Investment Group PLC |language=en |work=Reuters |url=https://www.reuters.com/article/brief-omam-plans-to-rebrand-as-brightsph-idUSFWN1QK0QO |access-date=2020-02-12}}
In November 2018, Paulson & Co. acquired a 25% stake of Brightsphere Investment Group from HNA Group which acquired it in 2017.{{Cite news |last1=Levy |first1=Rachael |last2=Steinberg |first2=Julie |date=2018-11-19 |title=Paulson Agrees to Buy Stake in Asset Manager From HNA |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/paulson-agrees-to-buy-stake-in-asset-manager-from-hna-1542649867 |access-date=2023-08-21 |issn=0099-9660}}
In June 2020, Brightsphere Investment Group became a member of the S&P 600.{{Cite web |title=S&P Dow Jones Indices Announces Tyler Technologies, Bio-Rad Laboratories and Teledyne Technologies Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600 |url=https://press.spglobal.com/2020-06-12-S-P-Dow-Jones-Indices-Announces-Tyler-Technologies-Bio-Rad-Laboratories-and-Teledyne-Technologies-Set-to-Join-S-P-500-Others-to-Join-S-P-MidCap-400-and-S-P-SmallCap-600 |access-date=2023-08-21 |website=News Release Archive |language=en}}
In 2021, the company sold its interest in most of its holding companies. On June 2, Landmark Partners was sold to Ares Management. On July 19, the Investors Counselors of Maryland was sold to William Blair & Company. On July 22, Thompson, Siegel & Walmsley was sold to Pendal Group. On August 31, Campbell Global was sold to JPMorgan Chase.{{Cite web |date=2021-06-02 |title=Ares Management Corporation Completes Acquisition of Landmark Partners |url=https://www.businesswire.com/news/home/20210602006014/en/Ares-Management-Corporation-Completes-Acquisition-of-Landmark-Partners |access-date=2023-08-21 |website=www.businesswire.com |language=en}}{{Cite web |date=2021-07-22 |title=BrightSphere Investment Group Inc. Completes Sale of Affiliates Thompson, Siegel & Walmsley, LLC and Investment Counselors of Maryland, LLC |url=https://www.businesswire.com/news/home/20210722006043/en/BrightSphere-Investment-Group-Inc.-Completes-Sale-of-Affiliates-Thompson-Siegel-Walmsley-LLC-and-Investment-Counselors-of-Maryland-LLC |access-date=2023-08-21 |website=www.businesswire.com |language=en}}{{Cite press release |last=Management |first=J. P. Morgan Asset |title=J.P. Morgan Asset Management Acquires Campbell Global, a Leading Player in Forest Management and Timberland Investing |url=https://www.prnewswire.com/news-releases/jp-morgan-asset-management-acquires-campbell-global-a-leading-player-in-forest-management-and-timberland-investing-301316396.html |access-date=2023-08-21 |website=www.prnewswire.com |language=en}}
On January 1, 2025, the company rebranded to Acadian Asset Management Inc.{{Cite web |last= |date=2025-01-01 |title=BrightSphere Investment Group Inc. will Change its Name to Acadian Asset Management Inc |url=https://www.marketscreener.com/quote/stock/BRIGHTSPHERE-INVESTMENT-G-61956573/news/BrightSphere-Investment-Group-Inc-will-Change-its-Name-to-Acadian-Asset-Management-Inc-48669846/ |access-date=2025-01-04 |website=Market Screener |language=en-US}}