OM Asset Management plc (NYSE: OMAM) is buying  a 60 percent stake in private equity and real estate secondary market specialist Landmark Partners.OMAM will pay about $240 million, plus potentially more based on the growth of Landmark through 2018, and the deal is expected to close by Sept. 30.

Acquiring the stake in Landmark, based in Simsbury, Connecticut, will help OMAM diversify its earnings by increasing participation in Landmark’s alternative investment strategies, says James Ritchie, chairman of OMAM, which is based in Boston.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.