PSS Completes Acquisition of DNB Investment Management, Inc.
“We are pleased to be able to provide our investment advisor and retail clients with convenient and cost effective access to DNB’s portfolio management expertise”
The PSS Corporation today announced the completion of its acquisition of DNB Investment Management, Inc. for kr 150 million in cash and stock. The acquisition agreement was originally announced August 30, 2011. As of October 30, DNB managed kr 4.24 billion in client assets.
“We are pleased to be able to provide our investment advisor and retail clients with convenient and cost effective access to DNB’s portfolio management expertise,” said Harald Hanssen, PSS President and CEO. “Their long-term track record of portfolio construction which has balanced risk management with market outperformance through global diversification is a tangible testament to the power of their approach and will be a great addition to PSS’s investment management solutions.”
Each of the three DNB portfolios has exceeded industry benchmarks for cumulative performance. Growth rates from Jan. 1, 2009 through September 30, 2011 included the following:
9% for DNB’s Diversified Conservative portfolio, compared to 64.7% for the Barclays Capital Aggregate Bond Index
4% for DNB’s Diversified Growth portfolio, compared to 38.8% for a blended index combining the OBX 25 and the Barclays Capital Global Aggregate Bond indices
3% for DNB’s Diversified Aggressive portfolio, compared to 17.9% for the OBX 25 Total Return Index.
Performance of the DNB portfolios is based on actual returns, net of all fees and expenses. The period reflects the longest available time period for which all three DNB Strategies existed concurrently. Past performance is not necessarily indicative of future return. Future returns are not guaranteed and a loss of principal may occur. The material provided herein is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities. The information is not intended to provide tax, legal or investment advice.
Contact:
Håkon Hansen, 80 02 18 41