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AMG buys majority stake in Veritas Asset Management

Affiliated Managers Group, a Massachusetts-based asset manager, has acquired a majority equity interest in Veritas Asset Management.

Veritas’ management partners will continue to hold a substantial portion of the equity of business and direct its day-to-day operations after the close of the transaction.

The firm specialises in global and Asian equities, running long-only and long-short mandates with total assets under management of around £10bn.

AMG is a global asset management company, which takes majority equity investments in boutique investment management firms while allowing them to maintain operational autonomy.

While the full details of the transaction have not been disclosed, it expected that the deal will not impact the people or management structure of Veritas and the partners of the firm have pledged to invest a majority of the net proceeds into the business’ funds.

AMG chairman and chief executive Sean Healey says: “We are very pleased to partner with Veritas Asset Management, one of the industry’s most highly regarded global equity managers.

“We have tremendous respect for the experience and talent of the management team at Veritas and believe the firm is well-positioned for additional growth and continued success. We look forward to working with our new partners on a variety of initiatives to enhance the firm’s forward growth and development.”

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