Brompton to Sell Minority Interest in its Funds Management Business.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- We are pleased to announce that Brompton Group has entered into an agreement in principle with Newport Private Yield LP ("Newport") through which Newport will acquire a minority interest in our fund management business. Brompton currently has approximately $2.5 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. in its eleven funds. We and the other senior officers of Brompton will continue to own a majority interest in the business and will maintain operational control and responsibility for its direction. Newport is an asset management business that partners with successful entrepreneurs. Newport has filed a preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders in respect of an initial offering of units to the public ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. "). The purchase by Newport of the interest in Brompton is subject to a number of conditions including the completion of the IPO. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion