Alger Associates, the parent of Fred Alger Management, has agreed to acquire Boston-based equity growth specialist Weatherbie Capital for an undisclosed sum.

Set up in 1995 by Matthew Weatherbie, the acquired firm invests in US small- and mid-cap growth companies. It employs nine staff employees and currently offers three main strategies, namely the Weatherbie Specialized Growth strategy, as well as two private funds for high-net-worth investors.

The deal, expected to close in March 2017, will add over $800m in assets to Algers’ portfolio.

Founder Weatherbie will remain as CEO and assume the role of co-CIO at Weatherbie as it becomes a wholly-owned subsidiary of Alger following completion of the deal.

The investment process of Weatherbie, which mainly seeks companies in the most dynamic growth sectors in the US, will remain unchanged.

Fred Alger Management CEO and CIO Dan Chung said: “We are thrilled that Matt and his team have decided to affiliate with Alger. As with our firm, Weatherbie Capital has had in place a proven investment process and philosophy since its founding.

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“This, along with a strong cultural fit and synergies, and similarities between our firms’ approaches to investing in growth equities, makes this acquisition a natural fit.”