Munder Capital Management, a money management firm serving institutional and individual investors, is acquiring Integrity Asset Management, a Kentucky-based institutional investment management firm with investment operations in Rocky River, Ohio.
Financial terms of the transaction were not disclosed.
Under the agreement, the firm will become a wholly owned subsidiary of Munder Capital Management. Integrity Asset Management’s investment strategies and management teams will remain in place, and it will retain its current name, location, and brand.
Integrity, with more than USD3.0bn in assets under management, provides investment management services to a group of corporate, public, endowment, foundation, Taft-Hartley, and sub-advisory clients.
“Our union with Integrity allows us to partner with an outstanding asset management firm that shares our commitment to investment excellence,” says Jim FitzGerald, president and chief operating officer at Munder Capital. “Integrity has a stellar investment team, proven investment processes and a consistent long-term track record. We look forward to teaming up with them for our clients’ mutual benefit.”
Matthew Bevin, Integrity’s chief executive and principal, adds: “Our goal has always been to deliver investment excellence to our clients while continuing to grow our firm in a healthy and prudent manner. Partnering with Munder Capital and their proven strength in operations, compliance, and distribution, will allow us to continue doing exactly that.”
The transaction is expected to close by 31 December 2010, subject to customary closing conditions, including receipt of client approvals.
Colchester Partners acted as financial adviser to Integrity Asset Management. Grail Partners advised Munder Capital.
