Financial guarantor Assured Guaranty Municipal Corp. (AGM), a subsidiary
of Assured Guaranty Ltd. (NYSE:AGO), and Wasmer, Schroeder & Company
(WSC) announce the closing of AGM's acquisition of a minority interest
in WSC.
WSC is an independent investment advisory firm specializing in
Separately Managed Account (SMA) management. WSC, founded in 1987, is a
premier provider in the industry and has grown from a small boutique
firm with one office in Naples, Florida to a multi-office, national
organization with approximately $8 billion under management and clients
in all 50 states. WSC serves high net worth individuals, wealth
management groups, and institutional investors.
AGM’s investment in WSC’s growing and profitable business capitalizes on
core competencies of both companies, such as municipal credit analysis
and strong industry relationships.
Dominic Frederico, President and CEO of Assured Guaranty, commented, "We
are pleased to close this initial transaction in the asset management
business. We will continue to look for strategic alternative investment
opportunities that benefit from our core competencies and credit
experience and have risk profiles in line with ours. We expect to
support the continued growth of WSC as it seeks acquisitions in the
fixed income SMA investment management sector.”
Bill Hogan, Senior Managing Director, Public Finance at AGM, added, "AGM
is excited to partner with WSC and sees this as a strategic fit with our
public finance business, raising the profile of both companies in the
retail investor market."
Martin Wasmer, CEO of WSC, said, “This transaction expands the depth of
WSC’s credit capabilities as well as WSC’s footprint in the
institutional/insurance sector with a $100 million initial commitment to
WSC for a managed account of Assured Guaranty.”
The transaction closed on September 1, 2017.
Any forward-looking statements made in this press release reflect
Assured Guaranty’s current views with respect to future events and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Such statements involve risks and
uncertainties that may cause actual results to differ materially from
those set forth in these statements. These risks and uncertainties
include, but are not limited to, difficulties executing WSC’s business
strategy, including growth through acquisitions; difficulties executing
Assured Guaranty’s business strategy; and other risks and uncertainties
that have not been identified at this time, management’s response to
these factors, and other risk factors identified in Assured Guaranty’s
filings with the Securities and Exchange Commission. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which are made as of September 6, 2017. Assured Guaranty
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
AGM is an operating subsidiary of Assured Guaranty Ltd., a publicly
traded Bermuda-based holding company whose operating subsidiaries
provide credit enhancement products to the U.S. and international public
finance, infrastructure and structured finance markets. More information
on Assured Guaranty and its subsidiaries can be found at AssuredGuaranty.com.
