Affiliated Managers Group, a US-based asset manager, has agreed to acquire a majority equity interest in Veritas Asset Management.
Upon completion of the acquisition, Veritas’ management partners will continue to hold a substantial portion of the equity of business and direct its day-to-day operations.
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AMG said that senior professionals at Veritas have agreed to long-term commitments with the firm.
Established in 2003, Veritas with 32 staff and offices in London and Hong Kong controls £10 billion in assets. It is headed by four partners including chairman Charles Richardson, COO Richard Grant and Andy Headley and Ezra Sun, who serve as head of global and head of Asia respectively.
Sean Healey, chairman and CEO of AMG said: "We look forward to working with our new partners on a variety of initiatives to enhance the firm’s forward growth and development."
Richardson said: "AMG’s unique partnership approach preserves our operational autonomy and investment independence, whilst enhancing our ability to serve our clients and ensuring the longevity and stability of our firm. We believe AMG is the ideal partner for Veritas given their understanding of, and appreciation for, the essential elements for the long-term success of investment management boutiques."
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