Easterly Partners Group Acquires Majority Stake in Levin Capital Strategies
Posted on 04/11/2019
Boston-based Easterly Partners Group, a company that invests in money managers, acquired a majority ownership stake in Levin Capital Strategies. Levin Capital Strategies was originally 100% owned by its founder, John A. Levin.
The deal closed on April 1, 2019. As part of the deal, Easterly Partners formed a new company called Levin Easterly Partners, which is 65% owned by Easterly Partners and 35% owned by the investment and management team of Levin Capital Strategies.
John Levin will be a strategic advisor to Levin Easterly Partners and still manage portfolios. Jack Murphy, a portfolio manager at Levin Capital, will become Chief Investment Officer of Levin Easterly Partners.
Easterly
Easterly Partners Group was founded in September 2009 by Darrell Crate. Crate is the former Chief Financial Officer of Affiliated Managers Group, Inc., a publicly traded asset management holding company which grew through acquisition. Avshalom Kalichstein is a Managing Principal at Easterly Partners Group. Kalichstein served as the Chief Executive Officer of Easterly Acquisition Corporation, a blank check company that merged with Sirius International Insurance Group, Ltd.
Easterly Acquisition Corporation is an affiliate of Easterly LLC.
On June 25, 2018, Sirius International Insurance Group, Ltd. (Sirius Group), a global multi-line insurance and reinsurance group, and Easterly Acquisition Corporation revealed a plan to merge. The all-stock transaction was estimated at US$ 2.2 billion at closing, with Easterly stockholders owning approximately 7% of the combined company immediately following the merger. Sirius Group’s principal equity holder is Singapore-based CMIG International Holding Pte. Ltd. CMIG International Holding had bought Sirius International Insurance Group from White Mountains Insurance Group, Ltd. CMIG International Holding has four ultimate shareholders: China Minsheng Investment Group (CMIG), Hana Financial Group Inc., Sun Hung Kai & Co Limited, and TBEA Co. Ltd.