River Road Asset Management LLC of Louisville said it has exercised its option to purchase the 45% of its stock held by Fortis Bank SA.
Andrew Beck, the institutional asset manager's president and co-chairman, said Monday in a press release that the transaction will help his company fulfill its goal of be fully owned by its employees.
"The ability to offer greater equity participation to our employees creates a virtuous circle: It allows us to maintain our culture and independence, traits highly valued by our institutional clients, and enables us to continue to grow our business," Mr. Beck said.
Asset Management Finance LLC of New York financed the transaction by providing River Road with capital in exchange for a limited-term share of its revenue, the asset manager said.
During the period of the agreement, AMF will hold a passive, nonvoting interest, River Road, the asset manager said. It did not disclose further details.
River Road was founded in April 2005 and has $3 billion of client assets under management. It provides institutional separate account and investment subadvisory services to domestic and international clients.
The firm's investment strategies include small-cap value, small-midcap value, and dividend all-cap value.
