An institutional asset management unit of Germany's fourth largest bank, WestAM now owns Houston-based Criterion Investment Management and Chicago-based Forstmann-Leff International. "It was a coincidence finding two very strong companies there," Peter Taggart, WestAM's US marketing director, told GlobeSt.com.

Taggart says the Gulfstream purchase fits into a "shopping list" of US buyouts. WestAM is negotiating to cut other deals with a half dozen equity firms nationwide. He says WestAM is aggressively seeking a US equity management company to add to its portfolio.

The 10-year-old Gulfstream, which will have its name changed to WestAM, will maintain an independent investment division while sales, marketing and operations will be handled by WestAM. The deal requires regulatory approval which, says Taggart, should be rendered within 60 to 90 days. A Federal Reserve approval will put WestAM in charge of about $2 billion in international equity assets on behalf of institutional clients, as well as $2.8 billion in regional European and Asian mandates. WestAM manages $33 billion in assets for more than 500 institutions worldwide, including corporations, public funds, Taft-Hartley funds, endowments and foundations, banks, and insurance companies.Reiner M. Triltsch, Gulfstream's managing director, will become product CIO for WestAm's international equities.