Affiliated Managers Group agreed to purchase a 60% stake in Genesis Holdings International, a London-based emerging markets equity specialist. Terms were not disclosed.
The remaining 40% will be held by a group of key Genesis professionals, including Jeremy Paulson-Ellis, chairman, and Karen Yerburgh, managing director. Mr. Paulson-Ellis said the deal with AMG amounts to "an ideal succession planning solution for Genesis," which has more than $7 billion in institutional assets under management. Ms. Yerburgh said AMG's presence in the U.S. market will help Genesis "grow and strengthen our business," according to a news release.
