Victory Capital Holdings Inc. is buying Munder Capital Management for an undisclosed amount.
Munder, headquartered in Birmingham, Mich., is an investment management firm that provides equity and fixed-income investment services. The company has more than $18.4 million in investment assets under management. Munder also owns Integrity Asset Management, a Rocky River, Ohio-based investment advisory firm that manages about $4.5 billion in assets.
The deal will form a new investment advisory firm that will be headquartered in Cleveland that has $37 billion in assets under management.
Morgan Stanley & Co LLC (NYSE: MS) provided financial advice to Victory, and Willkie Farr & Gallagher LLP provided legal advice. Goldman Sachs & Co. (NYSE: GS) was Munder's financial adviser, while Sandler O'Neill & Partners LP and Davis Polk & Wardwell LLP acted as legal advisers.
Mergers & Acquisitions has seen several investment manager mergers recently, including Affiliated Managers Group Inc.'s deal for River Road Asset Management LLC, and Grosvenor Capital Management LP's deal for Credit Suisse Group AG's (NYSE: CS) customized fund investment group.