Asset management firm Affiliated Managers Group (AMG) has acquired a minority equity stake in Asian private equity firm Baring Private Equity Asia.
AMG in a statement said that the senior management of Hong Kong-based Baring Asia will hold the majority stake and manage the day-to-day operations of the company.
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Baring Asia’s leadership has agreed to long-term commitments with AMG. Financial terms of the deal were not disclosed.
Baring Asia is planning to utilize the proceeds of the deal to fund the growth of its business and further align interests between its LPs and staff at the firm.
The private equity firm has more than 30 portfolio companies and advises funds with total assets under management of over $8bn.It had $30bn in revenues in 2014.
AMG chairman and CEO Sean Healey said: "As with other recent new Affiliate investments in Europe and Africa, our partnership with Baring Asia demonstrates the global appeal and broad applicability of AMG’s partnership approach."
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By GlobalDataBaring Asia founding partner and CEO Jean Eric Salata said: "AMG’s investment is an endorsement of our firm’s position as a leading Asian alternative asset manager, and its unique partnership model allows us to preserve our investment independence, operational autonomy, and focus on generating strong returns for our clients over the long term."
