United Talent Agency has just taken an equity stake in AGM Partners investment bank, a company run by Alan Mnuchin, the brother of new Treasury Secretary Steven Mnuchin. The deal, which is being described as “a strategic alliance” gives the talent agency and its clients guidance from AGM on investments. The New York-based investment bank is said to specialize in the media/entertainment sector.
According to UTA, the companies have worked together for about a decade. Together, the two will work closely “to expand the scope of UTA and AGM’s financial services offering, including principal investing capabilities” for possible future business opportunities. No financial details were disclosed.
Alan Mnuchin previously led the media and entertainment groups of Lehman Brothers and Bear Stearns over his three-decade career. Among the publicly disclosed deals the investment bank has advised on are the recent acquisition of music rights manager SESAC by the Blackstone Group, the 21st Century Fox deal with Apollo to merge Shine, Endomol and Core Media, as well as the leveraged buyout and subsequent sale of Warner Music Group.
The move comes after a series of other small agency acquisitions by UTA, including the Agency Group and N.S. Beinstock Agency. The deal was first reported by The Wall Street Journal.