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MONEY MANAGEMENT

Congress Asset Management to acquire Century Capital’s investment management unit

Congress Asset Management has agreed to acquire the investment management business of Century Capital Management, said Congress spokeswoman Amanda Harris.

Based in Boston, Century manages about $670 million in assets through a large-cap growth fund (Century Shares Trust), a small-cap growth fund (Century Small Cap Select Fund) — called the Century Funds — and separate accounts.

Terms of the agreement are not being disclosed. The transaction, which is subject to Century Funds shareholder approval as well as other customary closing conditions, is expected to close in the third quarter.

This acquisition would complement Congress' equity strategies. Also based in Boston, Congress has more than $8 billion in assets under management in equity, fixed-income, asset allocation and private equity strategies.

“While Congress has offered small-cap growth strategies for a few years, small-cap value is something completely new to our firm,” said Daniel Lagan, CEO and chief investment officer of Congress, in a news release. Century manages small-cap value strategies in separate accounts.

Lanny Thorndike, Century's managing partner will join Congress as executive vice president and managing director as part of the transition. In addition, Jeffrey Kerrigan, portfolio manager for the Century small-cap value strategy and Anand Vankawala, a member of the equity research team, will move to Congress. Further information on staff joining Congress could not be learned at press time.