Affiliated Managers Group (AMG), a US-based investment management firm, is set to re-brand its mutual fund businesses as part of an effort to refocus on the US market and actively managed investment products.
Part of a strategic initiative, AMG will rebrand its domestic retail distribution business, Management Investment Group as AMG Funds, and align Aston Asset Management within the AMG Funds business.
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The move will see 39 mutual funds available through Managers Investment Group rebranded as AMG Funds in the second quarter of 2014.
Additionally, AMG will acquire the balance of the equity of Aston that it does not already own.
As part of the move, Aston will continue to operate as a distinct business within AMG Funds, serving the Aston Funds and shareholders with its own management and sales teams and back office.
Also, Stuart Bilton, founder, chairman and CEO of Aston, will report to Andrew Dyson, AMG’s executive vice president and head of global distribution.
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By GlobalDataThe acquisition, which is subject to the approval of Aston mutual fund shareholders is expected to close by 1 June 2014.
Sean Healey CEO of AMG said: "We believe AMG has a tremendous opportunity to gain additional market share as U.S. retail investors seek actively managed, return-oriented investment strategies."
Dyson said: "These steps will allow Aston to maintain its autonomy and distinctive approach, while enabling clients of both Aston and AMG Funds to capture the benefits of scale over time."
