Affiliated Managers Group's Managers Funds platform agreed to acquire $3 billion in mutual fund assets from Fremont Investment Advisors. Terms were not disclosed. Both firms run broadly diversified no-load mutual funds managed by subadvisers.
Most of the Fremont employees are expected to move to Managers Funds, which will open an office in San Francisco, said Patricia Harden, Fremont spokeswoman.
Managers Funds advises 27 mutual funds totaling $5 billion in assets under management, not including Fremont assets.