Wealth manager Congress Asset Management has agreed to purchase the investment management business of Century Capital Management for an undisclosed amount.

Century Capital offers investment management services to institutions and individuals through two mutual funds: Century Shares Trust and Century Small Cap Select Fund. The company manages $670m in assets under management.

As part of the acquisition, Century’s managing partner Lanny Thorndike will join Congress along with Century Small Cap Value Strategy portfolio manager Jeffrey Kerrigan, and Anand Vankawala, a member of the equity research team.

The deal, which is subject to Century Fund shareholder approval, is expected to close in the third quarter of 2017.

Congress Asset Management CEO and chief investment officer Daniel Lagan said: “This deal provides us with greater economies of scale and helps position the firm for future growth in a challenging environment for active managers. We were attracted to the strength and diversity of Century’s investment products.”

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