Affiliated Managers To Acquire Majority Stake In SouthernSun Asset Management

(RTTNews) - Affiliated Managers Group, Inc. (AMG) said Thursday that it has entered into a definitive agreement to acquire a majority equity interest in SouthernSun Asset Management, LLC.

Terms of the deal were not disclosed.

After the closing of the deal, SouthernSun's partners will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.

With about $5 billion in assets under management, SouthernSun manages long-term, concentrated portfolios through a fundamental, research-intensive investment process.

As part of the deal, SouthernSun's senior professionals have agreed to long-term commitments with the firm, and the SouthernSun funds will become part of Affiliated Managers' mutual fund platform. In addition, Affiliated Managers will acquire the entire ownership interest of the outside investors in the firm.