Congress Asset Management buys Mass. firm Prelude

Congress Asset Management Co. in Boston announced the acquisition of Prelude Asset Management LLC in a deal that creates a $6.4 billion money management shop. Prelude, based in Quincy, Mass., brings $1.2 billion in institutional fixed income assets to the deal. Both companies are private and terms of the deal are not being disclosed. “Prelude is an exceptional, high-quality, fixed income organization that will significantly balance and complement our established equity and fixed income business by adding significant resources to the fixed income side,” according to a statement from Congress president and chief investment officer, Daniel Lagan. The merged entity will operate under the Congress Asset Management name and will be based in Boston. According to the statement, the Prelude team will remain in tact. Congress, which was founded in 1985, specializes in diversified portfolio management for institutions and wealthy individuals. Prelude, founded in 2002, works primarily with large institutional investors.