Congress Asset Management acquired Prelude Asset Management, both in Boston, confirmed spokeswoman Amy Zimmerman.
Terms of the deal were not disclosed.
The acquisition of Prelude, an institutional fixed-income investment firm with $1.2 billion in assets under management, will bring Congress' total AUM to $6.4 billion. Congress had $700 million in fixed-income assets prior to the acquisition of Prelude.
Prelude CEO and Chief Investment Officer Jeff Porter will hold the titles of executive vice president and director of fixed income for both firms.
Prelude will be a subsidiary of Congress with no changes in management style or portfolio managers, according to a news release from Congress.
“Prelude is an exceptional, high-quality fixed-income organization that will significantly balance and complement our established equity and fixed-income business by adding significant resources to the fixed-income side,” Daniel Lagan, Congress' president and chief investment officer, said in the release.
