Affiliated Managers Group agreed to acquire a majority equity interest in SouthernSun Asset Management, confirmed an AMG spokesman.
Terms of the transaction were not disclosed. After the deal closes, which is expected in the first quarter of 2014, SouthernSun’s partners will continue to hold a substantial portion of the equity in the business and direct its day-to-day operations.
“We will retain our operating autonomy,” said Michael W. Cook Sr., SouthernSun’s founder, CEO and chief investment officer, in a news release. SouthernSun’s senior professionals have agreed to long-term commitments with the firm. In addition, SouthernSun’s funds will become part of AMG’s mutual fund platform. AMG will also acquire the entire ownership interest of the firm’s outside investors.
SouthernSun has about $5 billion in assets under management. SouthernSun offers U.S. small- and midcap strategies, as well as a newly launched global investment strategy. As of Sept. 30, AMG reported total AUM of $508.4 billion in its quarterly earnings statement. Its institutional AUM reached $287.1 billion at the end of the third quarter.