London-based Amvescap is to buy New York asset manager WL Ross & Co for up to $375 million. WL Ross & Co has around $3.5 billion of clien...

London-based Amvescap is to buy New York asset manager WL Ross & Co for up to $375 million. WL Ross & Co has around $3.5 billion of client assets under management and has a range of institutional and family office clients in the US, Europe and Asia for which it offers private investments and fund management services. It was formed in 2000 by Wilbur Ross, Jr. After the acquisition, which is expected in the fourth quarter of 2006, Invesco Private Capital, Amvescap’s direct private equity business, will be merged into WL Ross & Co and managed by Mr Ross.