MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, October 20, 2021 PGIM Buys a Tax-Focused ETF Strategist An insurer's asset manager's retail arm is buying a Gotham SMA shop and ETF strategist that specializes in tax-loss harvesting.
Berkshire Global Advisors advised Green Harvest on the deal. The PGIM Investments-Green Harvest deal comes four years after the initial launch of Green Harvest and two years after multi-boutique Resolute Investment Managers agreed to buy a minority stake in Green Harvest. Per Green Harvest's most recent form ADV, filed in March 2021, Resolute holds a stake of between 25 and 49 percent, as does Holderith, while Green Harvest President Brian Jacobs holds between five and nine percent. Green Harvest has seven employees (not including clerical staff), according to its form ADV, and $346 million in AUM. (It had $40.5 million in AUM and $116 million in AUA when the Resolute deal was unveiled back in 2019.) PGIM had about $1.5 trillion in AUM as of June 30, 2021. "This acquisition underscores our commitment to meeting the evolving needs of our clients," Parker states, putting the deal in the context of markets being "near all-time highs" and of possible future tax increases. "We see tremendous value in combining Green Harvest's capabilities with the strength and stability of PGIM Investments," Holderith states. Printed from: MFWire.com/story.asp?s=63537 Copyright 2021, InvestmentWires, Inc. All Rights Reserved |
