Multiboutique holding company 1251 Asset Management has purchased a minority stake in manager Mar Vista Investment Partners.
Terms of the deal, which closed the week of June 7, and the amount of the stake are not being disclosed, a spokesman said in an email. Management of Mar Vista, a minority-led manager, will retain majority control of the firm, the spokesman said.
As part of the agreement, an unnamed member of 1251's senior management team is joining Mar Vista's board of directors.
As of May 31, Mar Vista Investment Partners had about $6 billion in assets under management.