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Article: Maxus Investment Group and Gelfand Partners Asset Management reach agreement in principle to merge.
- Article from:
- Business Wire
- Article date:
- April 8, 1997
CopyrightCOPYRIGHT 1997 Business Wire. 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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CLEVELAND--(BUSINESS WIRE)--April 8, 1997--The boards of directors of The Maxus Investment Group and Gelfand Partners Asset Management have reached an agreement in principle to merge the two companies.
The Maxus Investment Group will continue as the parent to the various investment divisions including the asset management division, which will be named Gelfand/Maxus Asset Management Inc. The combined companies will manage in excess of $1.2 billion, will advise an additional $500 million, and will engage in annual investment transactions exceeding $5 billion.
Ivan Gelfand will assume the position of chairman of the board, and Richard A. Barone will ...