Stone Point Capital said it has acquired a majority interest in Asset Allocation & Management (AAM), a fixed income asset management firm that specialized in providing investment management services to the insurance industry. Terms of the deal were not released.
The Greenwich, Conn., based private equity firm said its Trident Funds, Trident IV, L.P., acquired the majority interest while KBW Capital Partners is acquiring a minority interest in AAM.
Stone Point Capital and KBW Capital Partners will be purchasing their interests in AAM from funds managed by Century Capital Management, which has owned a majority interest in AAM since 2003. In connection with the transaction, members of the management team of AAM will make an additional investment in AAM and will significantly increase their ownership interest in the company.
Stone Point Capital, which manages Trident Funds, has raised more than $10 billion in capital to make investments in the insurance, employee benefits and financial services industries.
KBW Capital Partners makes private equity investments in the financial services industry in the U.S. and select markets abroad.
AAM, based in Chicago, specializes in the management of insurance company portfolios. AAM has 91 clients and approximately $17.2 billion in assets under management.
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