AMG Wealth Partners, a subsidiary of the asset management company Affiliated Managers Group, has entered into a definitive agreement to acquire a majority equity interest in Baker Street Advisors (Baker Street).

The transaction will allow the management partners of the San Francisco-based wealth management firm, Baker Street, to hold a substantial portion of the equity of the business and manage its day-to-day operations.

Although the terms of the transaction have not been disclosed but Baker Street’s senior professionals will serve long-term commitments with the firm as part of the deal.

Baker Street founder and partner Jeff Colin said: "Through our partnership with AMG Wealth Partners, we are able to maintain our independence and autonomy as we continue to serve the best interests of our clients.

"We will focus, as always, on providing objective, customized wealth management and investment advisory solutions to private clients, families and foundations."