Rosemont Investment Group has agreed to acquire a minority interest in boutique money manager 1607 Capital Partners, said Brad Mook, managing director at Rosemont Investment Group, in an email.
Terms of the deal and the amount of the minority interest were not disclosed. Mr. Mook said it is a "material percentage." He expects the transaction to close at year-end.
Based in Richmond, Va., 1607 Capital Partners is currently 100% employee owned. Founded in 2007, the firm manages about $3.7 billion in closed-end funds in domestic and international equities and fixed income.
Rosemont is a specialist investor that focuses solely on purchasing minority positions in money managers and wealth managers.
A news release said there will be no immediate changes in the management of 1607 Capital Partners.
Kirk Tattersall, founding partner at 1607 Capital Partners, could not be immediately reached to provide further information.