April 29, 2014 11:26 UTC

AMG Announces Investment in Veritas Asset Management

BOSTON & LONDON--(BUSINESS WIRE)-- Affiliated Managers Group, Inc. (NYSE: AMG), a global asset management company, has entered into a definitive agreement to acquire a majority equity interest in Veritas Asset Management LLP (“Veritas”). After the closing of the transaction, the management partners of Veritas will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.

Founded in 2003, Veritas is a leading independent global and Asian equity manager with award-winning investment strategies that seek to deliver long-term real returns for clients through both long-only and long-short mandates. With offices in London and Hong Kong, Veritas manages approximately £10 billion ($17 billion) across both funds and segregated portfolios for institutional and retail investors in the United Kingdom and around the world. Veritas has generated strong investment performance for its clients through the Veritas Real Return Approach, an investment philosophy focused on protecting and growing the real value of clients’ capital, always analyzing potential investments through fundamental research with a strong value discipline, and on an absolute basis rather than relative to any benchmark or index.

With a team of 32 professionals, Veritas is led by four Partners: Charles Richardson (Chairman and Fund Manager), Andy Headley (Fund Manager and Head of Global), who together lead the global equity business, Ezra Sun (Fund Manager and Head of Asia), and Richard Grant (Chief Operating Officer). Veritas has received numerous awards for outstanding performance, including “Best Global Fund Manager” by Morningstar Europe in 2012; its Global Focus Fund and Global Equity Income Fund are rated five- and four-stars, respectively, by Morningstar.

“We are very pleased to partner with Veritas Asset Management, one of the industry’s most highly regarded global equity managers. We have tremendous respect for the experience and talent of the management team at Veritas, and believe the firm is well-positioned for additional growth and continued success,” said Sean M. Healey, Chairman and Chief Executive Officer of AMG. “We look forward to working with our new partners on a variety of initiatives to enhance the firm’s forward growth and development.”

“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,” said Mr. Richardson. “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.”

As part of the transaction, Veritas’ senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.

About Affiliated Managers Group

AMG is a global asset management company with equity investments in leading boutique investment management firms. AMG’s innovative partnership approach allows each Affiliate’s management team to own significant equity in their firm while maintaining operational autonomy. AMG’s strategy is to generate growth through the internal growth of existing Affiliates, as well as through investments in new Affiliates. In addition, AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. As of March 31, 2014, the aggregate assets under management of AMG’s Affiliates were approximately $594 billion, pro forma for pending investments, in more than 400 investment products across a broad range of investment styles, asset classes and distribution channels. For more information, please visit the Company’s website at www.amg.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, the ability to close pending investments, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG’s filings with the Securities and Exchange Commission. Reference is hereby made to the “Risk Factors” set forth in the Company’s Form 10-K for the year ended December 31, 2013.

AMG routinely posts information that may be significant for investors in the Investor Relations section of its website, and encourages investors to consult that section regularly. For additional information, please visit www.amg.com.

Contacts

Affiliated Managers Group, Inc.
Investor Relations:
Alexandra Lynn, +1 617-747-3300
ir@amg.com
or
Media Relations:
Laura O’Brien, +1 617-747-3300
pr@amg.com
or
Veritas Asset Management LLP
Media Relations:
Eoin Brophy, +44 (0)20 3440 5656
eoin.brophy@humebrophy.com


Source: Affiliated Managers Group, Inc.