Engemann Sells Firm
Roger Engemann, for years considered the guru of independent fund management, decided to join forces with a larger partner last year.
His Pasadena-based company, Roger Engemann & Associates, was acquired by fund management firm Phoenix, Duff & Phelps Corp. of Hartford, Conn. in a deal valued at $180 million. The transaction closed in September.
Engemann, 57, who had remained independent since he founded his firm in 1969, said he sought a partner in order to ensure stability for the company and its shareholders in the years leading up to and following his retirement.
While repeatedly stating that his company will remain autonomous under Phoenix, Duff & Phelps, Engemann in October did something he has never done before he launched an equity income fund. Engemann's long-term strategy had previously been to focus entirely on growth stocks. He said the move is designed to ensure the stability of the various funds he manages.
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