Amvescap could hardly have found a bigger name to run its direct private equity business. Buyout giant Wilbur Ross has agreed to sell his six-year-old, $3.5 billion private equity firm, WL Ross & Co., to the U.K. money manager for up to $375 million. As part of the deal, Amvescap's private equity business, Invesco Private Capital, with more than $3 billion in assets under management, will be merged into WL Ross, with Ross heading the new combined entity.
"Wilbur Ross is a recognized leader in financial restructuring," Amvescap President and CEO Martin Flanagan, said. "With his leadership of the company's direct private equity business, Amvescap will be uniquely positioned to deliver alternative investment strategies that provide innovative and enduring investment solutions for our clients."