Affiliated Managers invests in two investment managers
Affiliated Managers Group, a $254bn (€161.9bn) asset management business, has taken stakes in two investment managers following a record first half for merger and acquisition deals in the sector powered by minority investments.
Affiliated acquired a 60% stake in Harding Loevner, a $6bn (€3.8bn) investment manager targeting global growth equities with six international and emerging markets equity strategies.
In addition to the Harding investment, Affiliated acquired the Bank of New York Mellon’s ownership interest in the bank's investment management division Gannett Welsh & Kotler. The division manages more than $7bn across three investment strategies: municipal bonds, multi-cap and small-cap equities and fixed-income investments.
Affiliated's investments last year included a stake in $4.8bn hedge fund BlueMountain Capital Management, a majority interest in $9bn equity manager Cooke & Bieler and a stake in $6bn activist hedge fund ValueAct Capital.
In the six months through June, sales of alternative investment firms accounted for 37% of the 105 global investment management deals, according to the report by investment bank Jefferies’ asset management unit Putnam Lovell.
Last year, alternative investment firms accounted for 30% of 115 deals for the same period. The sale of minority stakes in alternative asset managers represented half of the 38 alternative investment management agreements, according to the Putnam Lovell report.
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