O'Shaughnessy Asset Management of Stamford, Conn., announced it has bought back a 10% equity stake from a subsidiary of JPMorgan Chase & Co. that the New York banking company acquired in its purchase of Bear Stearns.
Bear Stearns originally acquired the stake in O'Shaughnessy as a part of the deal that allowed Jim O'Shaughnessy and 13 of his colleagues to leave Bear Stearns Asset Management in July 2007 to start their own firm.
JPMorgan Chase "will no longer be an equity stakeholder" but remains "a key client," the Connecticut firm said Tuesday.
The O'Shaughnessy firm will continue to be a manager for the clients of JPMorgan Chase through Bear Stearns' private client division.
With this transaction, approximately 89% of O'Shaughnessy Asset Management is owned by employees and their immediate family members. Royal Bank of Canada owns the remaining 11%.
O'Shaughnessy had $7 billion of assets under management as of Sept. 30.
