Money manager PGIM is to acquire quantitative money manager Wadhwani Asset Management.Sophie Baker
Money manager PGIM is to acquire quantitative money manager Wadhwani Asset Management, in a deal that will bolster affiliate Quantitative Management Associates’ European business.
The deal will see Wadhwani become part of the QMA unit, increasing assets under management to almost $130 billion across more than 50 strategies. Wadhwani has $1.4 billion in AUM across quantitative macro hedge funds and risk premium strategies.
Terms of the deal were not disclosed.
The QMA business is expected to comprise two entities following completion of the deal — QMA LLC in the U.S., and QMA Wadhwani LLP in the U.K., a QMA spokeswoman said.
She added there will be no changes to senior management. Wadhwani founder Sushil Wadhwani will continue as chief investment officer with full responsibility over the existing Wadhwani investment platform. All QMA Wadhwani investment staff will report to Mr. Wadhwani, who in turn will report to Andrew Dyson, CEO of QMA.
The deal is set to close in the first quarter of next year, subject to regulatory approvals.
“Wadhwani Asset Management has significant experience and pedigree in systematic and quantitative macro investing, alongside (Mr. Wadhwani’s) sterling reputation as an economist, investor and academic,” said Mr. Dyson in a news release.
QMA is an affiliate of the $1 trillion PGIM, the global money management business of Prudential Financial.