Affiliated Managers Group (AMG) has agreed to acquire a majority equity interest in SouthernSun Asset Management.
Under the agreement, SouthernSun’s senior professionals have agreed to long-term commitments with the firm, and the SouthernSun funds will become part of AMG’s mutual fund platform.
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Additionally, AMG will acquire the entire ownership interest of the outside investors in the firm. However, the terms of the transaction were not disclosed.
Upon completion of the deal, SouthernSun’s partners will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.
Sean M Healey, chairman and CEO of AMG, said: "With a long-term track record of generating exceptional returns for investors, and outstanding prospects for future growth, SouthernSun is an excellent addition to our Affiliate group."
Michael Cook, CEO of SouthernSun, said: "Through AMG’s partnership approach, we will retain our operating autonomy and ability to continue to employ the uniquely patient approach to investment management that has been so essential to our success. The partnership with AMG will also position our team for the long-term by facilitating equity transfers over time to the next generation of partners here at SouthernSun."
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By GlobalDataSouthernSun, founded in 1989, manages long-term, concentrated portfolios with approximately US$5 billion in assets under management.
