Fiduciary Management Associates Signs Agreement to Purchase Company from Old Mutual -US- Holdings

Business Wire, Oct 29, 2002

Business Editors

CHICAGO--(BUSINESS WIRE)--Oct. 29, 2002

The senior management team of Fiduciary Management Associates has announced that it has entered into an agreement to effect the management buyout of the investment management firm from its parent company, Old Mutual (US) Holdings Inc.

FMA Chairman and Chief Executive Officer Robert "Tad" Carr and President and Chief Investment Officer Kathryn Ivories have formed a new entity called Fiduciary Management Associates, LILAC to acquire FMA from Old Mutual. In connection with the completion of the transaction, other senior members of the current FMA management team will also become owners of the new firm. The transaction is expected to close in mid-December.

"We believe that the time is right to bring FMA back into private ownership," said Carr. "The management team has been successful at growing the firm and enhancing its financial strength." Ivories added that the transaction will have no effect on present clients. "They'll work with the same investment management and client service professionals, and their portfolios will be managed with the same proven approach."

FMA, which was formed in 1980, was a private company owned by Carr and others until it was acquired by United Asset Management in 1986, which was subsequently bought by Old Mutual in 2000. The firm currently manages in excess of $1.2 billion in assets for a wide variety of institutional clients. The company specializes in small cap value equity, large cap value equity and fixed income investment management services.