BlackRock will acquire $36bn California-based asset manager Aperio Group for $1.05bn (€0.8bn), in a deal that will enhance its exposure to ultra-high net worth (UHNW) clients.
According to BlackRock, this acquisition should increase its separately managed accounts (SMAs) assets by roughly 30%, to more than $160bn. Unlike mutual fund investors, SMA investors own assets directly in their name, which has a number of tax implications and advantages.
BlackRock has bought Aperio from private equity house Golden Gate Capital and Aperio employees. It is a cash deal.
ESG features heavily in the announcement made today. Aperio Group focuses on UHNW investors and their managers, for whom they design customised tax-optimised indices and portfolios “to reflect each client’s unique risk, tax, and personal values preferences”.
It describes itself as having “pioneered individually customized ESG portfolios that enable investors to elevate the purpose of t…