Asset Management Finance extended financing to all-cap value manager Snow Capital Management, confirmed AMF spokesman Chris Sullivan. AMF will get a percentage of Snow Capital's revenues for a specified timeframe and will have a passive non-voting interest in the firm. Mr. Sullivan declined to provide further details.
Snow Capital currently manages more than $6 billion in assets, including $1.5 billion for institutional investors. The firm will use the capital "to help provide the financial flexibility necessary to attract new talent, provide for management continuity, and to support the continued growth of the business," Mr. Sullivan said.
"AMF's revenue share interest preserves the independence and operating autonomy to accomplish that goal while still providing for the future growth of the firm," founder Richard Snow said in an AMF news release. Mr. Snow was not available for further comment.