Affiliated Managers Group acquired a 60% interest in Welch & Forbes. Terms were not disclosed. Welch & Forbes will continue to own the remaining 40%, and Richard Young, president, will oversee day-to-day operations.
Sean Healey, president and COO at AMG, called $4.2 billion manager Welch & Forbes a "high-quality firm with great management that will provide diversification for AMG through the high-net-worth and personal-trust channels.
Welch & Forbes manages money for foundations, high-net-worth families and personal trusts.