David C. Hepp

David C. Hepp

Partner, Mergers and Acquisitions; Financial Institutions

David Hepp serves as co-head of the firm’s Financial Institutions Group and leads the firm’s asset management M&A practice. His practice focuses on transactions involving public and private asset management, broker-dealer, wealth management and other financial services firms.


Mr. Hepp is a trusted partner and dealmaker for many of the largest asset management firms and has a diverse corporate practice representing public and private acquirers and target companies, private equity firms, management teams and investment banks. These representations have included a variety of U.S. and international mergers and acquisitions, corporate finance transactions, joint ventures, restructurings and other corporate matters. Mr. Hepp has significant experience working with investors and target companies in minority investment transactions. He also represents public companies and their boards in general corporate matters.

Mr. Hepp also works with clients in the structuring and/or restructuring of compensation, retention and equity ownership arrangements for asset management and other financial services firms and their principals, both in connection with contemplated transactions and independently to address succession planning and other objectives.

Mr. Hepp has represented clients worldwide in numerous U.S. and cross-border transactions, including:

  • Neuberger Berman Group in the $12.5 billion combination of its Dyal Capital Partners division and Owl Rock Capital Group to form Blue Owl Capital;
  • E*TRADE in its acquisition by Morgan Stanley in an all-stock transaction valued at $13 billion;
  • Affiliated Managers Group in numerous transactions, including its acquisition of a minority equity interest in Baring Private Equity Asia, Blue Mountain Capital, Comvest Partners, Garda Capital, Jackson Square Partners and OCP Asia;
  • Sun Life Financial Inc. in its $338 million acquisition of a 51% stake in Crescent Capital Group, LP;
  • Benefit Street Partners in its sale to Franklin Resources;
  • Cetera Financial Group in its acquisition by Genstar Capital;
  • WCM Investment Management in its sale of a minority interest to Natixis;
  • Tennenbaum Capital Partners in its acquisition by BlackRock;
  • BlackRock in numerous transactions, including its acquisition of the energy infrastructure funds business of First Reserve and its acquisition of Citigroup’s Mexican asset management business;
  • E*TRADE in its acquisitions of OptionsHouse, Trust Company of America and the online brokerage business of Capital One and its sale of G1 Execution Services to Susquehanna International Group;
  • AMP Capital in its acquisition of a minority interest in PCCP, LLC;
  • Eurazeo in its acquisition of a minority interest in Rhône Group;
  • Solus Alternative Asset Management in its sale of a minority interest to Blackstone Capital Partners and restructuring of the ownership and structure of the business;
  • Janus Capital Group in its merger-of-equals with Henderson Group;
  • American Beacon Advisors in its acquisition of interests in Shapiro Capital Management, ARK Investment Management and AlphaQuant Advisors;
  • First Eagle Investment Management in its acquisition by funds affiliated with Blackstone and Corsair Capital;
  • Caxton Alternative Management in its minority investment by the Goldman Sachs Petershill Fund in Caxton Associates LP;
  • Russell Investments in its acquisition by the London Stock Exchange Group for $2.7 billion;
  • Nuveen Investments in its sale of Nuveen Investments to TIAA-CREF by Madison Dearborn Partners for $6.25 billion;
  • Société Générale in its sale of The TCW Group to The Carlyle Group and the management of TCW;
  • Russell Investments in its sale of the Pantheon fund of funds business to Affiliated Managers Group for up to $1 billion;
  • Pacific Century Group in its acquisition of American International Group Inc.’s third-party asset management business for up to $500 million;
  • Lincoln Financial Group in its sale of its asset management business, Delaware Investments, to Macquarie Group Limited for $428 million;
  • BlackRock in its up to $1.7 billion purchase of Quellos Group LLC; and
  • Citigroup in the $3.7 billion asset swap between Citigroup and Legg Mason.



  • J.D., Albany Law School, Union University, 1998 (cum laude)
  • B.S., Le Moyne College, 1992 (summa cum laude)


  • New York

David C. Hepp

Partner, Mergers and Acquisitions; Financial Institutions