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AMG Completes Investments In MFO, Asset Manager
New York-listed Affiliated Managers Group and its subsidiary AMG Wealth Partners have completed their previously-announced investments in Yacktman Asset Management and Veritable respectively. Neither transaction's terms were disclosed.
Newtown Square, PA-based Veritable is a multi-family office managing some $11 billion for nearly 200 ultra high net worth clients, according to a statement. AMG Wealth Partners is a subsidiary of AMG that focuses on making investments in wealth advisory firms (the parent firm invests in asset managers).
AMG announced its plan to acquire an equity interest in Veritable in March. “Over the next decade, the wealth management industry will benefit from favourable demographic trends, which will result in a significant increase in the number of high net worth individuals and drive growing demand for institutional-quality wealth advisory firms,” Sean Healy, AMG’s chairman and chief executive, said at the time.
According to the latest statement, a “broad group of Veritable’s senior professionals,” who have made long-term commitments to the firm, will now “continue to hold a significant equity interest.”
Veritable was established in 1986 by chief executive Michael Stopler and has 84 members of staff, including 36 investment advisory and 12 research professionals.
Meanwhile, Yacktman Asset Management, with $17 billion in assets under management, specializes in large-cap equities and serves institutional investors and high net worth individuals via separately managed accounts and sub-advisory mandates.
As part of the Yacktman transaction, all of the firm’s senior professionals have “agreed to long-term commitments,” AMG said. In addition, Yacktman’s two mutual funds have become part of AMG’s funds.
When the agreement was first announced in April, Donald Yacktman, founder of the firm, said the partnership would enable the firm to address long-term succession planning needs through an equity incentive program which provides liquidity to current partners and future generations.
Yacktman was founded in 1992 and is led by Donald Yacktman, Stephen Yacktman, Jason Subotky and Russell Wilkins.
