AMG to invest in Veritas Asset Management
Massachusetts-based Affiliated Managers Group (AMG) has acquired a majority equity interest in Veritas Asset Management.
After the closing of the transaction, the management partners of Veritas will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations, AMG said.
Founded in 2003, Veritas is an independent global and Asian equity manager using strategies that seek to deliver long-term real returns for clients through both long-only and long-short mandates.
With offices in London and Hong Kong, Veritas manages approximately £10bn across both funds and segregated portfolios for institutional and retail investors in the United Kingdom and around the world.
Sean M. Healey, chairman and chief executive officer of AMG, said:”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.”
As part of the transaction, Veritas’ senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.
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