Easterly Asset Management, an asset manager that partners with investment management teams announced Tuesday an agreement with Olstein Capital Management L.P. to acquire Olstein’s fund management business, including two fund families—a total of six mutual funds—which would be reorganized into a series of funds managed by one of Easterly’s businesses.
The reorganized funds will be managed by Easterly Snow, one of Easterly’s investment partners. The funds include the small-cap value Olstein Strategic Opportunities Fund, which will be reorganized into the Easterly Snow Small Cap Value Fund, and the Olstein All Cap Value fund, which will be reorganized into a new series of Easterly’s Easterly Snow All Cap Value Fund.
“We have deep respect for what Bob Olstein and the team have built over the years,” said Joshua Schachter, CIO of Easterly Snow, which will take over management of the Olstein funds. “Our responsibility is to preserve that legacy by staying aligned with the principles both our clients and Olstein investors value: rigorous fundamental analysis, attractive asymmetrical risk/reward profiles and a long-term time horizon.”
Olstein shareholders will receive proxy materials in connection with a shareholder meeting to be held on or near June 26 to consider the fund reorganization. According to a statement from Easterly, “Shareholders will benefit from joining Easterly’s established active equity platform, gaining the resources of a broader investment organization while preserving the defining strengths of boutique asset managers.”
The deal comes as mergers and acquisitions have accelerated in asset and wealth management, according to a 2025 article published by Morgan Stanley.
“Since 2022, the industry has averaged more than 200 M&A deals annually—double the previous decade’s average,” the firm wrote. “Consolidation among asset and wealth managers could result in more than 1,500 deals in the industry by 2029.”
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Tags: Mutual Funds