Home / transaction / Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management
Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management
  • has sold the International Value Fund to
  • Berkshire Global Advisors acted as financial advisor to Tocqueville Asset Management

  • Date: January 2019
  • Sector: Investment Management
  • Sub-Sector: Mutual Fund
  • Region: North America
  • Seller AUM: $1.3 Billion
  • Seller Details:
    The Tocqueville Trust was organized as an open-end management company in 1986 to hold the Tocqueville Fund, which launched in 1987. Over the next several decades, complementary funds were added to create the Tocqueville Family of Funds (“the Funds”). Tocqueville Asset Management L.P. (“TAM”) provides investment management and advisory services to all of the Funds.

    The Tocqueville International Value Fund is a 4-star Morningstar-rated mutual fund managed by James Hunt. The Fund seeks securities that are depressed in price,
    out of favor with investors and trading at a substantial discount to intrinsic value. Tocqueville emphasizes free cash flow generation, balance sheet quality and the fundamental strength of a business franchise as attributes to identify the most attractive risk/reward proposition across all market capitalizations.

    Buyer Details:
    An investment affiliate of Resolute Investment Managers, Inc., American Beacon Advisors, Inc. is a leading provider of investment advisory services to institutional and retail markets. Established in 1986, American Beacon Advisors serves defined benefit plans, defined contribution plans, foundations, endowments, corporations and other institutional investors, as well as retail clients. The firm also provides corporate cash management and fixed-income separate account management. American Beacon Advisors manages the American Beacon Funds, a series of competitively priced mutual funds. The Funds employ a “manager of managers” investment style and currently include international and domestic equity, fixed-income and money market funds. As of June 30, 2018, American Beacon Advisors had $58.1 billion in assets under management; the affiliated companies of Resolute Investment Managers had $68.9 billion in assets under management.

    Transaction Summary:
    Under the terms of the acquisition agreement, the Tocqueville International Value Fund will be folded into the American Beacon Tocqueville International Equity Fund, with existing shareholders of the Tocqueville International Value Fund receiving shares of the new American Beacon Tocqueville International Equity Fund in a one-for-one swap. Tocqueville Asset Management will serve as the sole subadvisor of the fund. The aim of the deal is to grow the fund’s size through American Beacon’s distribution network.