Jun 16, 2020

October 21, 2004 09:50 AM Eastern Daylight Time SAN FRANCISCO--( BUSINESS WIRE )--Oct. 21, 2004--Berkeley Capital Management LLC, an independent firm managing approximately $1.4 billion in assets for institutional and individual investors, is pleased to announce that it has signed a definitive agreement to acquire the Delta Asset Management Division of ING Investment Management Co., part of ING Group, a global financial services company based in the Netherlands. Financial terms for the acquisition, expected to close later this year, weren't disclosed. The combination of Berkeley and Delta creates a diversified West Coast-based investment management firm that provides US equity, balanced and fixed income portfolios to its clients. The combined company will employ 30 people and manage assets in excess of $5 billion serving primarily the separately managed account and institutional marketplaces. Delta's operations will remain in Los Angeles as part of the new Delta division of Berkeley Capital Management, and all Delta employees will continue in their current roles. Administrative and marketing support will be based in Berkeley's San Francisco office. The management group of the combined Berkeley and Delta investment business will expand their ownership to approximately 30% of the company. Financing for the transaction will be provided by current investor Lovell Minnick Partners and new investor EdgeStone Capital Partners. In 2003, Lovell Minnick Partners and Berkeley's management team acquired substantially all of the assets of Berkeley from London Pacific Group Ltd. "We were attracted to Delta's impressive investment performance record and long-standing institutional client relationships," said James E. Landau, Chief Executive Officer of Berkeley. "This acquisition is consistent with Berkeley's plans to seek new products and investment capabilities for the separately managed account programs in which we participate. In addition, the combination with Delta gives our firm an immediate presence in the institutional market." "We are pleased to be joining Berkeley,'' said Robert U. Sandroni, Senior Managing Director of Delta. Sandroni, who will become Vice Chairman of Berkeley, added: ``Our objectives for the business are compatible with those of our new partners, and we admire the marketing team that John Hart, President of Berkeley, has been building." "The merger of Delta and Berkeley ensures the continuity of our investment culture and our service approach toward our clients,'' said Carl L. Goldsmith, Chief Investment Officer of Delta. ``Our investment process and strategy will remain unchanged, and we believe our clients will be well served by this combination." "Since we made our initial investment in Berkeley last year, we have worked closely with management to develop a strategy to build a multi-product, multi-channel investment firm on the West Coast,'' said Jeffrey D. Lovell, Managing Director of Lovell Minnick Partners and Chairman of Berkeley. ``We believe the acquisition of Delta is a significant step toward achieving this goal." "We are very pleased with this transaction and the opportunity it provides Delta to strengthen and grow its West Coast based business while allowing ING to continue a dedicated focus on building its fundamental and quantitative capabilities in New York," said Bob Crispin, Chairman & CEO of ING Investment Management. UBS Investment Bank advised ING Investment Management in the transaction. About Berkeley Berkeley is a San Francisco, California-based registered investment advisor managing approximately $1.4 billion in assets, primarily in intermediary-sold separately managed accounts. The company's primary investment product is its Dividend Equity style which focuses on high relative dividend yield large-cap US equities. The firm also offers small-mid cap equity, fixed income and balanced styles. Berkeley's clients include individuals, corporate pension plans, endowments and foundations. For more information regarding Berkeley visit www.Berkeleycm.com About Delta Delta is based in Los Angeles, California and currently manages approximately $4 billion of equity assets for an institutional client base, including numerous public and corporate pension funds. Delta was formed in 1991 with backing from Furman Selz Capital Management LLC, by several investment management executives who had worked together for the prior 12 years at a major global bank holding company. Furman Selz was acquired by ING Group in 1997. Delta's primary investment style is large cap core equity and it also manages an enhanced index product. About Lovell Minnick Partners Lovell Minnick Partners is a Los Angeles, California-based independent investment firm providing buyout and growth capital to developing companies in the global financial services industry. Lovell Minnick Partners manages partnerships totaling more than $150 million for qualified private and institutional investors. Portfolio companies of Lovell Minnick manage nearly $30 billion of assets for institutions, high-net-worth individuals and mutual fund clients. For more information regarding Lovell Minnick Partners visit www.LovellMinnick.com About EdgeStone Capital Partners Based in Toronto, Ontario, EdgeStone Capital Partners manages approximately $1.4 billion of private capital on behalf of institutional and high net worth clients employing a family of funds approach. EdgeStone's strategy is designed to drive superior investment performance by leveraging synergies across its family of funds, capitalizing on the resources of the firm's strategic and business partners, and capturing value creation opportunities throughout its investment portfolios. For more information regarding EdgeStone Capital Partners visit www.EdgeStone.com