Despite the majority stake, the Massachusetts-headquartered company will not assume managerial control, having acquired the equity interest as part of its multi-affiliated business strategy. Veritas retains its full investment autonomy with no rebranding or change in fund management.
The idea is to establish a long-term partnership, according to a spokesperson. The partners of Veritas have committed to a minimum 10-year period, and the majority of the net proceeds will be reinvested into the funds.
Veritas is led by the following four partners: chairman and fund manager Charles Richardson, fund manager and head of global Andy Headley, who together lead the global equity business, as well as fund manager and head of Asia Ezra Sun and chief operating officer Richard Grant.
“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,” said Richardson.
AMG’s assets under management are around $594bn.
