Affiliated Managers Group bought 65% of Davis Hamilton Jackson and Associates in an all-cash transaction, with Davis management holding the remaining ownership. Terms of the deal were not announced, but AMG is believed to have used only a portion of its $400 million credit facility.
Principals Robert Davis, Jack Hamilton, Alfred Jackson and James Webb will remain with the firm.
Davis is a large-cap and midcap domestic equity and fixed-income manager, which had $3 billion in total assets under management as of Sept. 30, the majority of which is institutional tax-exempt.
Davis is AMG's second acquisition this year and will become AMG's 12th affiliate.