AMG to Acquire Remaining Equity in $15B Aston
As part of new strategic initiatives related to its U.S. retail distribution business, global asset management company Affiliated Managers Group, Inc. (NYSE: AMG) will exercise its option (included in the original agreement with Aston) to acquire the balance of the equity of Aston that it does not already own. Aston will remain a distinct business within the rebranded AMG Funds group, serving the Aston Funds and shareholders with its own management and sales team and back office. The transaction, which has been approved by the trustees of the Aston Funds, is subject to the approval of Aston mutual fund shareholders and is expected to close by June 1, 2014.
Chicago-based Aston Asset Management is the principal advisor to the Aston Funds, offering subadvised investment products to the mutual fund and managed account markets, including 23 subadvised, no-load mutual funds. In 2010, AMG acquired a substantial majority of the equity in Aston, which had $15 billion in assets as of September 30, 2013. Stuart Bilton, Aston’s founder, Chairman and Chief Executive Officer, will report to Andrew C. Dyson, AMG’s Executive Vice President and Head of Global Distribution.
“Aston has an excellent track record of delivering value to its clients by partnering with boutique asset managers around the world,” Mr. Dyson said. “These steps will allow Aston to maintain its autonomy and distinctive approach, while enabling clients of both Aston and AMG Funds to capture the benefits of scale over time.”
View AMG’s Full Press Release (34 KB, PDF)
View Proxy Vote Materials for Aston Funds Shareholders (279 KB, PDF)