Affiliated Managers Group will acquire a majority equity stake in Veritas Asset Management, said spokeswomen for the firms.
Both spokeswomen declined to comment on the size of the stake, and said terms would not be disclosed. The remainder of the equity will be held by Veritas partners. Veritas' spokeswoman said there will be no changes to the management structure, with Veritas partners retaining full investment autonomy and day-to-day operational control of the business.
A source familiar with the situation said the partners at Veritas have committed to a minimum of 10 years with the firm, and will be investing the majority of the net proceeds into its strategies alongside client assets.
Veritas manages £10 billion ($17 billion) in assets in global and Asian equities from offices in London and Hong Kong.
AMG takes equity stakes in boutique money managers, and its affiliates manage a combined $594 billion. It recently acquired a majority stake in U.S. equity manager River Road Asset Management and a minority equity stake in EIG Global Energy Partners.
In a news release, Sean M. Healey, chairman and CEO of AMG, said Veritas is “well-positioned for additional growth and continued success.”
