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Article: Celebrities' money manager buys back Bel Air investment.
- Article from:
- Los Angeles Business Journal
- Article date:
- March 21, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A group led by money manager Todd Morgan, who handles some of L.A.'s wealthiest and most famous people, is buying back the firm that was sold off to State Street Corp. four years ago.
The purchase price for Bel Air Investment Advisors LLC was not disclosed, but it is believed to be a fraction of the $220 million that the group's 75 percent stake sold for in 2001.
Rumors of the deal have been growing since State Street, the Boston-based financial services firm, said last year that it would write down between $150 million and $170 million of its stake in Bel Air. The firm manages $3.7 billion in assets for a roster of big-name clients that include Barbra ...