Aon has completed its acquisition of The Townsend Group, majority owned by Colony NorthStar, Inc.
The deal was initially agreed upon in September, when Aon, currently one of the top three outsourced chief investment officer (OCIO) providers in the world, announced it would acquire Townsend for $475 million subject to certain purchase price agreements. The transaction was meant to increase Aon’s offering in alternative private market assets, reflecting their role in client portfolios.
Once the closing commenced, Aon reported in a news release that its investment organization, including Townsend, has more than $130 billion of assets under management and has now advised on more than $240 billion in real estate assets.
“We are excited to welcome the Townsend organization into Aon and further enhance our investment solutions in areas that are of increasing importance to our clients,” Cary Grace, CEO of Aon’s Global Retirement & Investment Solutions, said in a statement. “Working together, our combined teams will continue to expand our capabilities and expertise in alternative investments to create sophisticated and transparent offerings that provide our clients with objective advice and solutions.”