BlackRock to Acquire Aperio - Leading Provider of Personalized Index Equity Solutions
BlackRock, Inc. (NYSE: BLK) today announced that it has entered into a definitive agreement to acquire Aperio from Golden Gate Capital and Aperio employees for $1.05 billion in cash. Aperio is a pioneer in customizing tax-optimized index equity separately managed accounts (SMAs) to reflect each client’s unique risk, tax, and personal values preferences.
For 20 years, Aperio has been innovating to deliver wealth managers capabilities that embrace the uniqueness of each investor and enhance after-tax performance. Aperio also pioneered individually customized ESG portfolios that enable investors to elevate the purpose of their wealth and make an impact on causes deeply important to them. Aperio’s high-touch consultative client service model focuses on ultra-high net worth households and institutions served by private banks and the fast-growing independent registered investment advisor (RIA) market. The U.S. retail and wealth SMA market totals approximately $1.7 trillion in assets and is growing at approximately 15% annually and 35% among RIAs.1 With over $36 billion of assets under management as of September 30, 2020, Aperio has outpaced the industry with an average annual organic asset growth rate of nearly 20% over the past five calendar years.
BlackRock is already a leading provider of SMAs for U.S. wealth management-focused intermediaries. The firm’s SMA franchise specializes in providing customized actively-managed fixed income, equity, and multi-asset strategies. The combination with Aperio will boost BlackRock’s SMA assets by roughly 30% to over $160 billion. More importantly, the transaction expands the breadth of personalization capabilities available to wealth managers from BlackRock via tax-managed strategies across factors, broad market indexing, and investor ESG preferences across all asset classes. The combination with Aperio will set a new standard for personalized whole portfolio solutions in the SMA market.
“The wealth manager’s portfolio of the future will be powered by the twin engines of better after-tax performance and hyper-personalization. BlackRock and Aperio, working together, will bring unmatched capabilities to meet these objectives,” said Martin Small, head of BlackRock’s U.S. Wealth Advisory business. “The combination will bring institutional quality, personalized portfolios to ultra-high net worth advisors and will create one of the most compelling client opportunities in the investment management industry today.”
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