AMR Corp., the Fort Worth parent company of American Airlines Inc., said it has completed the sale of its asset management arm, American Beacon Advisors Inc., to Lighthouse Holdings Inc.
Lighthouse is owned by investment funds that are owned by two private-equity firms: Pharos Capital Group LLC of Dallas and TPG Capital LP of San Francisco.
AMR said Monday that it received $480 million for the asset management unit. The transaction was primarily a cash one, AMR said, but it also acquired a small equity stake in both Pharos and TPG.
American Beacon Advisors, which was launched in 1986, had $57 billion of assets under management on Aug. 31.
It will continue to provide services for AMR and its subsidiaries, including cash management and investment advisory services. It will also provide investment management services for American Airlines' retirement, health, and other employee benefit plans.
In addition, American Beacon will remain the investment manager of American Beacon Funds.
