SouthernSun Asset Management plans to buy back the stake that Affiliated Managers Group owns in the company, SouthernSun announced in a news release Thursday.
Terms of the transaction, subject to customary closing conditions, were not disclosed.
SouthernSun's senior management team is funding the deal, making the company 100% employee-owned. Michael W. Cook, SouthernSun's founder, CEO and chief investment officer, will continue to lead the newly independent firm along with principals Phillip Cook and Michael S. Cross.
"This new structure benefits both the firm and its clients, as we will be in a stronger position to invest in our people, process and infrastructure while ensuring full alignment between the firm's interests and those of our clients," Mr. Cook said in the release. "The transaction is also particularly timely, as it enables us to quickly and opportunistically pursue investment opportunities brought about by the current market dislocation across the small- and smidcap equity spaces."
AMG acquired its majority equity interest in SouthernSun Asset Management in the first quarter of 2014.
"AMG has been a supportive and consultative partner for more than 6 years, and we thank them for their confidence in our investment process, long-term track record and entrepreneurial culture," Mr. Cook added. "Their commitment to preserving the essential elements of our success, including our operating autonomy and investment independence throughout the partnership, ultimately helped make our buyout possible."
SouthernSun Asset Management is an investment management firm specializing in small-cap, smidcap and global equities strategies with $1.25 billion in assets under management.
Company spokesman Jonathan Morgan could not be immediately reached for additional comment.
AMG spokesman Jonathan Freedman also did not immediately respond to a request for information.
