View the article online at http://citywire.co.uk/wealth-manager/article/a748450
Boston-based fund giant buys Veritas AM
by Dylan Lobo on Apr 29, 2014 at 12:45
Affiliated Managers Group (AMG) has agreed to buy a majority stake Veritas Asset Management.
Veritas is the latest UK fund firm to come into the AMG stable after the Boston-based asset manager bought Artemis from Fortis back in 2010.
Following the deal 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, Asian and global-focused Veritas has established a strong reputation through the management of long-only and long-short mandates and controls £10 billion in assets.
With offices in London and Hong Kong, Veritas employs 32 professionals and has offices and is led by four partners: Chairman Charles Richardson, chief operating officer Richard Grant and Andy Headley and Ezra Sun, who serve as head of global and head of Asia respectively.
The Veritas Global Income fund, co-managed by Citywire + rated Richardson and Headley, is one of the most popular funds in its stable. In the three years to 31 March the fund has returned 27.4% versus a 27% rise in the FTSE world index.
'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,' 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.'
Veritas chairman Charles Richardson (pictured) added: '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.
'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.'
AMG has controlling stakes in a number of investment boutiques around the world and manages around $568 billion (£337 billion) in assets.
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