Babson-United Combines with Boston Advisors.Business Editors WATERTOWN, Mass.--(BUSINESS WIRE)--March 18, 2002 Babson-United, Inc., one of the country's oldest money managers, announced today that it has reached an agreement to sell substantially all of the assets of its subsidiary, Babson-United Investment Advisors, Inc. a registered investment advisor Registered Investment Advisor (RIA) is a designation obtainable in the United States by an individual who has registered with the U.S. Securities and Exchange Commission or state regulatory agency (where the primary business is situated or multiple States in some cases) in , to Boston Advisors, Inc., a Boston-based investment management firm. Terms of the transaction were not disclosed. Babson-United has been providing investment information and wealth management services to individual and institutional clients since 1904. Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. under management approximate $1.2 billion. The firm is owned by members of the Babson family and is based in Watertown. Commenting on the rationale behind the Babson family's decision, Richard Babson, Chairman, said, "From a long-term perspective, we needed access to much larger capital resources in order to maintain and expand our capabilities to better serve our clients and to compete in an increasingly crowded marketplace. We are confident our clients will be well-served by this transition." Boston Advisors has served as investment advisor to individual, institutional and charitable clients for almost 30 years and currently manages assets of $2.3 billion. The firm is owned by The Advest Group, Inc., whose headquarters are in Hartford, Connecticut “Hartford” redirects here. For other uses, see Hartford (disambiguation). Hartford is the capital of the State of Connecticut. It is located in Hartford County on the Connecticut River, north of the center of the state. , and operates independently in Boston serving clients across the country. Advest is itself an independent operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of The MONY MONY Mutual of New York (Insurance - Syracuse, NY) Group, Inc., a publicly traded global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Peter Meenan, President and Chief Executive Officer of Babson-United, "We sought a partner that would preserve Babson-United's core values and traditions, such as unbiased and independent advice, the highest level of integrity, and a passion for serving clients." He added, "This transaction has been carefully structured to emphasize continuity and uninterrupted services to our clients." Michael J. Vogelzang, President and Chief Investment Officer of Boston Advisors, said that, "Boston Advisors' enthusiasm for acquiring Babson-United stems from its similarity in fundamental business values, its emphasis on client service and the firms' common investment philosophies." He further observed that, "Babson-United's base of clients will complement and strengthen Boston Advisors' strategic focus on separate account management for high net worth investors." He went on to note that, "Babson-United's highly capable team of Investment Counselors and their clients will form the nucleus of Boston Advisors' private wealth management group." All of Babson-United's Investment Counselors, its research department and many of its key support staff members will be joining the combined firm. Mr. Vogelzang said, "Boston Advisors intends to preserve the best qualities of Babson-United and leverage the depth of resources available to us from a large, diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services organization to achieve even greater benefits for all of our clients." The transaction is scheduled to close in May. About Babson-United Babson-United has provided independent, unbiased investment information and investment counseling services to individuals and institutions since 1904. The company currently manages assets approximating $1.2 billion on behalf of its clients. Its division, Securities Research Company, is the nation's oldest provider of independent stock charting information. SRC's charts on equity securities, both Web-delivered and available in quarterly and annual print publications, are among the most highly regarded by institutional money managers and investment professionals. For more information about Babson-United and SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." , visit their respective web sites, www.babson.com and www.SRC1.com. About Boston Advisors Located in the heart of Boston's Financial District, Boston Advisors is a registered investment advisory firm actively managing approximately $2.3 billion in assets for affluent individuals, corporations, endowments and foundations. The firm was founded in 1974 and is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Advest Group, Inc. For more information about Boston Advisors, please visit www.bostonadvisors.com. About The Advest Group, Inc. The Advest Group, Inc. is a holding company for Boston Advisors. Its principal subsidiary, Advest, Inc., one of the country's leading regional financial services firms, is headquartered in Hartford, CT. Advest provides financial, securities brokerage, trading, investment banking, trust and other advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to its clients from over 900 offices in 18 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Advest, a member of the New York, American, and other principal exchanges, is a member of The MONY Group, Inc. For more information about Advest and The MONY Group, please visit their web sites, www.Advest.com or www.MONY.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion