Skyline Asset Management reached an agreement with Affiliated Managers Group to buy back AMGs majority stake in the firm.
Terms of the deal werent disclosed.
AMG spokeswoman Laura OBrien said full ownership will provide Skyline with additional resources to use in recruiting, retaining and rewarding employees. As an AMG affiliate, Skyline had to pay a portion of its revenue stream to AMG.
AMG purchased its stake in Skyline, a small-cap value equity manager, in 1995. Skylines assets under management have declined to just over $400 million from $1.5 billion at the end of 2006, according to eVestment Alliance.
Steve Kendall, a limited partner, chief administrative officer and director of marketing with Skyline, didnt return phone calls seeking comment.