October 2009 – LawFuel.com Legal Newswire Service – Davis Polk & Wardwell LLP advised Artio Global Investors Inc. on its SEC-registered initial public offering of 25,000,000 shares of Class A common stock for a price to the public of $650 million. The underwriters also have an option to purchase an additional 3,750,000 million shares from Artio Global Investors pursuant to an over-allotment option. The shares are listed on the New York Stock Exchange under the symbol “ART.” Goldman, Sachs & Co. was the sole global coordinator and bookrunner of the offering, BofA Merrill Lynch was the co-lead manager and Deutsche Bank Securities, UBS Investment Bank and Keefe, Bruyette & Woods were co-managers of the offering.
The net proceeds of the offering were used to repurchase 22,600,000 shares of Class C common stock from the company’s parent Julius Baer Holding Ltd. (equivalent to approximately 54% of Julius Baer Holding Ltd.’s total stake) and 1,200,000 shares of Class A common stock from each of Richard Pell and Rudolph-Riad Younes.
Artio Global Investors is the indirect holding company of Artio Global Management LLC, a registered investment adviser headquartered in New York City that actively invests in global equity and fixed-income markets, primarily for institutional and intermediary clients. As of August 31, 2009, Artio Global Management had $53.3 billion in assets under management.
The Davis Polk corporate team included partner Michael Kaplan and associates Connie I. Milonakis, James E. Elworth, Melissa Glass and James P. Richards. Partner Harry Ballan and associates Raymond J. Holst and Catherine Paskoff Chang provided tax advice. Partner Nora M. Jordan and associates Catherine L. Martin and Aaron Schlaphoff provided Investment Company Act advice. Partner Edmond T. FitzGerald and associate Bernice A. Grant provided employee benefits advice. Gwendolyn P. Ranada was the legal assistant for the transaction. All members of the Davis Polk team are based in the New York office except Ms. Milonakis who is based in London.