AMG Wealth acquires $6 billion RIA

AMG Wealth Advisors, a subsidiary of Affiliated Managers Group, which has been making investments in advisory firms in recent years, has kicked off 2015 with a sizable deal in the RIA space. The firm announced on Tuesday that it was taking a majority stake in Baker Street Advisors, a San Francisco-based investment adviser that had $5.2 billion in assets under management, according to SEC filings from last year. It now has $6 billion in assets under administration, according to a press release. (More: $1B firm merges under consolidation pressures)​ As part of the deal, Baker Street's partners will still retain a “substantial” portion of their equity and direct the day-to-day operations. Additional details of the transaction were not disclosed. Baker Street was founded in 2003 by Jeff Colin and has around 31 staff members, according to SEC filings. Last year, it was ranked 27th on InvesmentNews' list of top fee-only RIAs by assets under management. (More: Mariner picks up $1 billion RIA) Affiliated Managers Group, AMG's parent company, invests in various investment firms. Its affiliates have around $626 billion in assets under management. In 2012, AMG made its first big acquisition in the wealth management space when it took an equity stake in Veritable, a Newton Square Pa.-based firm with $10 billion in AUM. Where is the RIA industry heading?