Asset management network IM Global Partner has bought a 42% stake in Asset Preservation Advisors (APA), which is based in Atlanta, Georgia.
The independent investment adviser specialises in managing high-quality tax-exempt and taxable municipal bond portfolios for registered investment advisers, family offices, financial advisers and institutional clients.
IMGP chief executive and founder Philippe Couvrecelle said that “with $4.8bn assets under management, APA now ranks as the fourth largest independent municipal bond specialist in the US”.
It is the eighth partner IMGP has taken on in six years and the second US partner in 2021. Currently the network has a presence in 16 locations across Europe and the United States.
Financial details were not disclosed.
Looking to grow
In an interview with Expert Investor earlier this year, Couvrecelle explained what it is the IMGP looks for when it comes to expanding the network.
“We don’t have affiliates who do what they want, or what we want. They are partners. That’s why we took the minority angle, which is linked with the idea of partnering with asset management boutiques built by entrepreneurs.”
It’s also not about taking control of a strong, successful boutique with a 15 to 20-year track record.
“That wouldn’t be great for them and that’s not what we are looking for. We are looking for firms that still want to grow over the coming 10, 15, 20 years; that don’t want a majority shareholder but maybe a partner.”