According to Mike Even, Numeric Investors President and CEO said that it is putting the firm up for sale. The asset management firm from Boston has US$7.7 billion under its management and has engaged the services of Barclays to manage the sale.
The quantitative equity manager is discussing the sale with its private equity partner TA Associates. TA has held a minority stake in Numeric after its purchase back in 2004. The sale is still in 'the very early stages' according to the CEO.
He added, "We feel now is a good time to sell for us from a returns points of view and for TA for where they are in their investment cycle. What I really want is a permanent partner and I would like a relationship by which we can maintain our investment focus."
This implies that the focus is to get a strategic buyer and not just another private equity investor. Normally, private equity investors would sell off their interests after a few years.
Join the Conversation