Abacus Life Announces Agreement to Acquire FCF Advisors
August 07 2024 - 3:05PM
Abacus Life, Inc. (“Abacus” or the “Company”) (NASDAQ: ABL), a
pioneering alternative asset manager specializing in longevity and
actuarial technology, today announced a definitive agreement to
acquire FCF Advisors (“FCF”), a New York-based asset manager and
index provider specializing in free cash flow-focused investment
strategies. The acquisition of FCF, which has approximately $600
million in assets under management, is firmly aligned with Abacus’
ongoing expansion of ABL Wealth and its suite of products.
Over the past decade, FCF has become a recognized leader in free
cash flow analytics and research. The firm has pioneered the free
cash flow quality model which serves as the foundation for the
firm’s quantitative investment process. FCF Advisors has a suite of
core and thematic free cash flow equity strategies and offers over
50 customizable free cash flow index strategies covering 8 global
equities allocation categories available in separately managed
accounts (“SMA”)/white label SMA and model delivery.
“We are excited to welcome FCF Advisors into the Abacus Life
family,” said Jay Jackson, CEO of Abacus Life. “The addition of FCF
Advisors will significantly expand our offerings within ABL Wealth,
bringing us closer to our goal of delivering comprehensive,
lifespan-based financial advisory services and products. This
acquisition aligns perfectly with our vision of providing clients
with holistic and tailored financial solutions throughout their
lives.”
Transaction Details
Transaction is subject to customary closing conditions. The
transaction is expected to close in the fourth quarter of 2024.
Advisors
Burr & Forman is acting as legal counsel to Abacus Life.
Dynasty Investment Bank is acting as exclusive financial advisor to
FCF Advisors, and DLA Piper, Stradley Ronon Stevens & Young and
Rivkin Radler are acting as legal counsel to FCF Advisors.
About Abacus Life,
Inc.
Abacus is a leading global alternative asset manager and market
maker that specializes in the use of advanced longevity and
actuarial technology to purchase life insurance policies from
consumers seeking liquidity, while creating a high-returning asset
class of insurance products, uncorrelated to market fluctuations,
for institutional investors. With more than $2 billion in assets
under management, Abacus is the only publicly traded licensed life
policy origination company and asset manager.
The company’s pioneering experience in the life planning space
has created growth into new verticals. The longevity-based wealth
management service and investment offerings, called ABL Wealth,
uses Abacus’ decades of data and proprietary algorithms to help
financial advisors create more customized plans for clients and
access to uncorrelated investment funds. The ground-breaking
technology service, called ABL Tech, provides advanced real-time
data tracking and analysis for pensions funds, governments,
insurance companies, retirement associations and more. With each
new channel, Abacus is revolutionizing the future of life
insurance.
www.abacuslife.com
Forward Looking Statements
All statements in this press release (and oral statements made
regarding the subjects of this press release) other than historical
facts are forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of
uncertainties and factors that could cause actual results to differ
materially from such statements, many of which are outside the
control of Abacus. Forward-looking information includes but is not
limited to statements regarding: Abacus’s financial and operational
outlook; Abacus’s operational and financial strategies, including
planned growth initiatives and the benefits thereof, Abacus’s
ability to successfully effect those strategies, and the expected
results therefrom. These forward-looking statements generally are
identified by the words “believe,” “project,” “estimate,” “expect,”
“intend,” “anticipate,” “goals,” “prospects,” “will,” “would,”
“will continue,” “will likely result,” and similar expressions
(including the negative versions of such words or expressions).
While Abacus believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of its business. The
factors that could cause results to differ materially from those
indicated by such forward-looking statements include, but are not
limited to: the fact that Abacus’s loss reserves are based on
estimates and may be inadequate to cover its actual losses; the
failure to properly price Abacus’s insurance policies; the
geographic concentration of Abacus’s business; the cyclical nature
of Abacus’s industry; the impact of regulation on Abacus’s
business; the effects of competition on Abacus’s business; the
failure of Abacus’s relationships with independent agencies; the
failure to meet Abacus’s investment objectives; the inability to
raise capital on favorable terms or at all; the effects of acts of
terrorism; and the effectiveness of Abacus’s control environment,
including the identification of control deficiencies.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties set forth in documents filed by Abacus with the U.S.
Securities and Exchange Commission from time to time, including the
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and
subsequent periodic reports. These filings identify and address
other important risks and uncertainties that could cause actual
events and results to differ materially from those contained in the
forward-looking statements. Abacus cautions you not to place undue
reliance on the forward-looking statements contained in this press
release. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Abacus assumes no obligation and,
except as required by law, does not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events, or otherwise. Abacus does not give any
assurance that it will achieve its expectations.
Contacts:
Abacus Life Investor Relationsinvestors@abacuslife.com
Abacus Life Public Relationspress@abacuslife.com
Abacus Life (NASDAQ:ABL)
Historical Stock Chart
From Oct 2024 to Nov 2024
Abacus Life (NASDAQ:ABL)
Historical Stock Chart
From Nov 2023 to Nov 2024