Affiliated Managers Group purchased the minority equity stake in growth manager Jackson Square Partners held by Macquarie Investment Management, AMG said Friday in a news release.
Financial terms of the deal and the size of AMG's stake are not being disclosed, AMG spokesman Jonathan Freedman said Friday in an email.
According to Jackson Square Partner's most recent SEC ADV filing, Macquarie's stake in the firm was 25% to 49% of the firm's equity.
AMG said in the release that "the partners of Jackson Square will continue to own a significant majority of the equity of the business."
Jackson Square Partners will continue to operate under its own name.
Jackson Square Partners spun out of Delaware Investments in 2014 and formed a joint venture with Delaware Investments, which is owned by Macquarie Group and has since been renamed Macquarie Investment Management. Jackson Square Partners was jointly owned by Jackson Square Partners executives and Delaware Investments, according to a 2014 news release from Delaware.
"Having known the senior partners (of Jackson Square) for over 15 years, AMG has developed a unique relationship with this team and closely followed the evolution of their business," said Jay C. Horgen, AMG's president and CEO, in the release. "When the time was right for the firm to choose a permanent partner, the team chose AMG," he added.
"AMG is the ideal strategic partner for Jackson Square," said Jeffery S. Van Harte, Jackson Square's chairman and CIO, in the AMG release. "The preservation of our firm's entrepreneurial culture of debate and collaboration is essential to our clients and team."
As of Sept. 30, Jackson Square Partners ran $24 billion in actively managed growth equity strategies, while total AUM managed by AMG affiliated firms totaled $654 billion.