Asset Management Finance today announced a flurry of investments the company made in December, including its first pure equity investment and first in a U.K. firm.
In an interview, CEO Brian D. Finn said AMF was the lead participant in a $100 million equity investment in Chicago-based financial services company HighTower Advisors and an investment in U.K.-based wealth adviser Towry Law.
The company also made its first investments in a private equity firm and a credit hedge fund manager; Mr. Finn would not identify the firms. He also declined to provide the specific amounts for any of the deals.
AMF, which patented a method of providing capital to money management firms in return for a time-limited share of their top-line revenue, said the four new investments totaled about $200 million in invested capital. That activity lifted the firm's total investments in the 18 deals since its founding to more than $500 million.
Mr. Finn tied the “evolution” of AMF's business beyond its traditional “revenue-sharing interests,” as well as its expanded geographic footprint and variety of asset classes, to the beefed up financial muscle the firm has enjoyed since Credit Suisse Group acquired a majority interest in AMF in August 2008.
Credit Suisse has brought AMF “additional capital,” allowing the firm to pursue “more avenues of growth,” said Mr. Finn. AMF will remain a passive investor in asset management and wealth management firms, he said.
In the same interview, Rob Jakacki, AMF's chief investment officer, said the firm expects the business momentum it enjoyed in 2009 to continue during the coming year, with interesting opportunities in markets such as the U.K. and Western Europe.