Saturday, 23 August 2014
Last updated 23 hours ago
May 1 2014 | 11:43am ET
Hedge fund Veritas Asset Management has agreed to sell a majority stake in itself to Affiliated Managers Group.
Terms of the deal were not disclosed. Veritas’ partners, who will retain a minority stake in the firm, will continue to run the business and have full investment autonomy, Veritas said. According to Pensions & Investments, those partners have committed to remain with Veritas for at least a decade, and will invest most of the proceeds of the deal into Veritas’ funds.
Veritas has some $17 billion in assets under management.
The Veritas deal is AMG’s third in two months. The Pride’s Crossing, Mass.-based firm, which invests in hedge funds and other asset managers, recently bought a majority stake in River Road Asset Management and a minority stake in EIG Global Partners. All told, the firm has interests in more than two dozen money managers, including AQR Capital Management, BlueMountain Capital Management and ValueAct Capital.
AMG said this week that its first-quarter profit rose 11% to $137.9 million, its best advance in two years.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note