AMG Announces Agreement to Invest in Leading Alternative Firms
Under the terms of the agreement, AMG will acquire the interests in the
firms from Petershill Fund I for approximately
-
Winton Capital Group Ltd. is a global investment manager that utilizes scientific methods to develop investment systems across a broad range of products from diversified multi-asset offerings to regional long-only equities, with approximately$34.5 billion in assets under advisement for a diverse set of investors including some of the world’s largest institutions. Founded in 1997, the firm is headquartered inLondon and has over 400 employees, with additional offices in Oxford,Zurich ,Hong Kong ,Shanghai ,New York ,Tokyo ,Sydney , andSan Francisco -
Capula Investment Management LLP is a global fixed income specialist firm located inLondon with affiliated entities inGreenwich, CT ,Hong Kong , andTokyo . With approximately$12.7 billion under management, the firm manages absolute return, enhanced fixed income and tail risk strategies. Established in 2005, the firm focuses on developing innovative investment strategies that exhibit low correlation to traditional equity and fixed income markets -
Partner Fund Management, L.P. (“PFM”) manages approximately$4.3 billion , primarily in global equities, across global diversified long/short, global long, and global healthcare strategies. Founded in 2004, PFM seeks to generate long-term capital appreciation through a fundamental research process integrated with a macro framework. The firm is headquartered inSan Francisco, CA and has 69 employees -
Mount Lucas Management LP manages approximately$1.7 billion across global macro, a diversified futures index strategy, a commodity futures index strategy, and large cap equity. The firm was founded in 1986 with the launch of an innovative, actively managed diversified futures program, and is headquartered inNewtown, PA with over 20 employees -
CapeView Capital LLP is aLondon -based alternative manager operating a European credit and distressed fund as well as a European equity long/short fund. Founded in 2001, the firm currently has 23 staff and manages approximately$1.7 billion
“We are delighted to be investing in these excellent firms, and have
tremendous regard for the businesses built by their outstanding
management teams,” said
“With our global scale and capabilities, and 23-year track record of successful investments, AMG is the preeminent partner to leading boutique firms around the world, and has an expanding forward opportunity set to invest in the world’s most successful independent investment managers,” Mr. Healey continued. “We are confident in our ability to continue to generate earnings growth both from the organic growth of our existing business and through making accretive investments in additional outstanding firms around the world.”
Closing of the transaction is subject to customary closing conditions, and AMG’s investment in interests representing approximately half of the total transaction value is expected to close during the third quarter of 2016, with the balance of the investment expected to close by year-end 2016.
About AMG
AMG is a global asset management company with equity investments in
leading boutique investment management firms. AMG’s innovative
partnership approach allows each Affiliate’s management team to own
significant equity in their firm while maintaining operational autonomy.
AMG’s strategy is to generate shareholder value through the growth of
existing Affiliates, as well as through investments in new Affiliates
and additional investments in existing Affiliates. In addition, AMG
provides centralized assistance to its Affiliates in strategic matters,
marketing, distribution, product development and operations. As of
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. These statements include, but are not limited to, statements
related to our expectations regarding the performance of our business,
our financial results, our liquidity and capital resources and other
non-historical statements. You can identify these forward-looking
statements by the use of words such as “outlook,” “guidance,”
“believes,” “expects,” “potential,” “continues,” “may,” “will,”
“should,” “seeks,” “approximately,” “predicts,” “projects,” “intends,”
“plans,” “estimates,” “pending investments,” “anticipates” or the
negative version of these words or other comparable words. Actual
results and the timing of certain events could differ materially from
those projected in or contemplated by the forward-looking statements due
to a number of factors, including changes in the securities or financial
markets or in general economic conditions, the availability of equity
and debt financing, competition for acquisitions of interests in
investment management firms, the ability to close pending investments,
the investment performance and growth rates of our Affiliates and their
ability to effectively market their investment strategies, the mix of
Affiliate contributions to our earnings and other risks, uncertainties
and assumptions, including those described under the section entitled
“Risk Factors” in our Annual Report on Form 10-K for the year ended
This press release includes an estimated increase in future Economic
earnings per share, which is a non-GAAP performance measure. AMG
expects to account for each new Affiliate under the equity method, with
each Affiliate’s share of earnings presented one quarter in arrears. The
estimated increase in future Economic earnings per share incorporates
such delay based on the expected timing for closing of the new Affiliate
investments. AMG has not completed its purchase price allocation for the
acquisition announced in this press release, or determined the estimated
useful lives of the assets to be acquired. The estimated increase in
GAAP Earnings per share in 2017 as a result of this acquisition is
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Source:
AMG Investor and Media Relations:
Alexandra Lynn
Selene Oh
+1
(617) 747-3300
ir@amg.com
pr@amg.com