US - US-based Asset management company Affiliated Managers Group (AMG) is set to buy one of Canada's largest independent asset management firms, First Asset Management, for CAN$306m.
Under terms of the transaction, AMG will acquire 100% ownership of the firm and its CAN$29bn in assets under management, along with its affiliates.
The total cost includes about 90% in cash and the remainder in AMG common stock.
AMG has equity investments in a group of mid-sized investment management firms, which collectively manage more than US$130bn in assets. The firm has partnered with a range of investment firms in the US and UK since its inception in 1993.
Michael B. Simonetta, president and CEO of First Asset, commented: “AGM is a strong company whose strategy and operating philosophy are parallel to ours, with a partnership approach that preserves and enhances its affiliates’ incentives for continued growth through retained direct equity ownership, while maintaining each firm’s distinct culture and operating autonomy.”
He said the deal would create “significant opportunities” for continued growth in the Canadian marketplace.
Sean M. Healey, president and CEO of AMG, said: “We are pleased to announce our agreement to acquire First Asset and our prospective partnerships with First Asset’s Affiliates, which are an impressive group of asset management firms and among the most highly regarded independent mid-sized investment businesses in Canada.”
The transaction is expected to close early in the third quarter, pending regulatory approvals.
Simonetta will serve as president of the Canadian office of AMG, responsible for growth and development of the business.
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