("Artio Global Investors Shares Price At $26, High End Of
Range," at 0008 GMT, misstated the number of shares in the offer in
the first paragraph. The correct version follows:)
Artio Global Investors Inc.'s (ART) initial public offering of
25 million shares priced at $26 a share Wednesday, within the
expected per-share price range of $24 to $26, making it one of the
largest U.S. offerings this year.
The U.S. fund manager is a unit of Swiss private bank Julius
Baer Holding AG (JBHGY). The IPO is part of Julius Baer's decision
to split its bank and asset-management businesses.
Artio, which postponed its listing several times, is going
public after a brutal period in the world's stock markets, which
has brought down its profits and assets under management. As of
June 30, those assets totaled $46.8 billion, down 38% from the end
of 2007.
Artio will use proceeds from the sale to repurchase half of the
70% stake that Julius Baer holds in the company, as well as 4%
owned by the asset manager's founders, Richard Pell and
Rudolph-Riad Younes.
Once the various steps of the offering and share sales are
completed, about 39% of Artio will be held by the public. The
company will be listed on the New York Stock Exchange under the
symbol ART.
As many as five companies could make their U.S. trading debuts
this week, which would make it the most active week since December
2007, when nine IPOs priced. Most bankers expect between 15 and 20
more offerings through the end of December, roughly equal to what
has priced so far this year.
Earlier Wednesday, new real estate investment trust Colony
Financial Inc.'s IPO of 12.5 million shares priced at $20 a share,
its expected price, after its size was cut in half earlier in the
day.
Other IPOs expected to price Wednesday are for rechargeable
lithium-ion battery developer A123 Systems Inc. and Apollo
Commercial Real Estate Finance Inc.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com