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Alger to acquire growth equity boutique Weatherbie Capital

Alger Associates agreed to acquire Weatherbie Capital, a Boston-based growth equity manager with more than $800 million in assets under management, spokeswoman Ciara Brinkmann said.

Financial terms of the deal, which is expected to close in early March, were not disclosed.

Weatherbie Capital has nine employees and will continue to operate in Boston as a subsidiary of Alger Associates. Weatherbie Capital will continue to operate under its name. No changes to Weatherbie Capital’s investment process or staffing are currently planned, Ms. Brinkmann said in an email.

Weatherbie currently offers three main investment strategies, the largest being the Weatherbie Specialized Growth Institutional strategy, a long-only smaller companies investment strategy.

In addition, Weatherbie manages two private funds for high-net-worth investors, one a focused long-oriented strategy and the other a long/short strategy.

When the deal closes, Weatherbie Capital will assume responsibility for managing two of Alger’s strategies. This will add a small number of assets to both the Weatherbie Specialized Growth strategy and the Weatherbie Long/Short strategy. Alger expects that these added assets will bring Weatherbie Capital’s AUM to more than $1 billion.

Alger Associates is the parent company of Fred Alger Management, which had $19.5 billion in AUM as of Dec. 31.