Affiliated Managers to buy Aston funds owner

Affiliated Managers Group Inc. is buying the parent company of the Aston mutual fund family in an all-stock deal worth nearly $114 million.
AUG 25, 2008
Affiliated Managers to buy Aston funds owner Affiliated Managers Group Inc. is buying the parent company of the Aston mutual fund family in an all-stock deal worth nearly $114 million. Boston-based Affiliated Managers and Highbury Financial Inc. said in separate news releases Monday that Affiliated Managers will issue nearly 1.75 million shares of AMG common stock at the deal's closing, which is expected in next year's second quarter. The shares will be issued in exchange for all the outstanding equity of Denver-based Highbury, and Highbury's sole subsidiary, Aston Asset Management, will become an AMG affiliate. The companies did not offer an estimate of the transaction's value. The total would be around $113.6 million, based on Friday's $64.93 closing price for Affiliated Managers shares and the number of AMG shares to be issued at the time the deal closes. After the deal's closing, employees and management at Aston, as well as subadvisers who manage the company's funds, will remain, Affiliated Managers said. Chicago-based Aston is the principal adviser to the Aston Funds, a group of 24 subadvised, no-load mutual funds with assets of about $6 billion as of Sept. 30. The firm distributes its domestic equity, international, alternatives, sector, balanced and fixed-income funds to consultants, registered investment advisers, broker-dealers and workplace savings plans like 401(k)s. The boards of Affiliated Managers and Highbury have approved the deal, along with the trustees of the Aston funds. The transaction is subject to approval of both Highbury shareholders and Aston mutual fund shareholders, as well as other closing condition and regulatory approvals. Shares of Affiliated Managers fell 17 cents, or about 0.3 percent, to $64.76 in afternoon trading. Shares of Highbury Financial, which are traded over-the-counter, jumped $1.32, or 33 percent, to $5.32.

Latest News

Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans
Advisor moves: Atlas tops $1B as Wells Fargo, UBS add bank veterans

Wells Fargo adds two bank-channel recruits, UBS lands a JPMorgan Chase veteran, and a multi-family office lifts Atlas past $1B

Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state
Advisor mom’s son used her password to log into clients’ accounts, sell deal with conflicts, according to Washington state

“The state comes down on you in years when you make 40% returns for clients,” said Bill Swayne, the advisor and son of Candace Swayne.

Osaic in talks with Anthropic as AI reshapes advisor workforce
Osaic in talks with Anthropic as AI reshapes advisor workforce

The Independent broker-dealer giant has had “active conversations” with the Claude maker, which is days away from its expected IPO

The retirement milestone advisors aren't tracking
The retirement milestone advisors aren't tracking

For Gen X clients entering life after work, answering the financial question isn't enough to solve the entire retirement equation.

Wealthtech firms target stock pay, pensions and heirs for advisors
Wealthtech firms target stock pay, pensions and heirs for advisors

Tools from Grantd, Income Lab and Healthspan Wealth aim to keep RIAs involved in clients’ biggest money decisions

SPONSORED Best Practices for Engaging Women Around Alternatives

Growing wealth, evolving priorities, and untapped opportunities are reshaping how women approach long-term investing.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.