Veritable to Combine with Pathstone
17 Julho 2023 - 9:00AM
Affiliated Managers Group, Inc. (NYSE: AMG), a leading partner to
independent investment management firms globally, today announced
that it has entered into an agreement with Pathstone Family Office,
LLC (“Pathstone”) and Veritable, LP (”Veritable”), under which
Pathstone will acquire 100% of the outstanding equity interests in
Veritable. AMG will receive all of its transaction proceeds in cash
at closing.
“We are pleased to have had a strong partnership with Veritable,
magnifying its growth and success over time,” said Jay C. Horgen,
President and Chief Executive Officer of AMG. “The Veritable
partners and AMG recognized the strategic benefits that would
result from a combination with Pathstone, and given our alignment
and partnership approach, we supported this successful outcome for
all stakeholders, including Veritable’s clients, partners, and
employees, as well as AMG. We wish the Veritable team the best
going forward, as they become part of Pathstone.”
“We chose to partner with AMG eleven years ago because of its
unique partnership model and core tenet of preserving the
investment and operational independence of its Affiliates,” said
Michael Stolper, Founder and Co-Chief Executive Officer of
Veritable. “AMG delivered on its core promise and has been a
contributor to the success of our firm, providing solutions and
advice that enhanced our business across a range of initiatives
over time; we have greatly valued AMG’s culture of
partnership.”
AMG expects to use the gross cash proceeds of approximately $294
million from the transaction to repay debt, fund future growth
initiatives, and repurchase shares. As of May 31, 2023, Veritable
managed approximately $17 billion in client assets.
The transaction is expected to close in the second half of 2023,
subject to customary closing conditions.
About AMGAMG is a leading partner to
independent investment management firms globally. AMG’s strategy is
to generate long-term value by investing in a diverse array of
high-quality independent partner-owned firms, through a proven
partnership approach, and allocating resources across AMG’s unique
opportunity set to the areas of highest growth and return. AMG’s
innovative partnership approach enables each Affiliate’s management
team to own significant equity in their firm while maintaining
operational and investment autonomy. In addition, AMG offers its
Affiliates growth capital, distribution, and other strategic
value-added capabilities, which enhance the long-term growth of
these independent businesses, and enable them to align equity
incentives across generations of principals to build enduring
franchises. As of March 31, 2023, AMG’s aggregate assets under
management were approximately $668 billion across a broad range of
differentiated investment strategies. For more information, please
visit the Company’s website at www.amg.com
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws, and could be impacted by a number of factors,
including those described under the section entitled “Risk Factors”
in AMG’s most recent Annual Report on Form 10-K, as such factors
may be updated from time to time in the Company’s periodic filings
with the SEC, which are accessible on the SEC's website at
www.sec.gov. AMG undertakes no obligation to publicly update or
review any forward-looking statements, whether as a result of new
information, future developments or otherwise, except as required
by applicable law. From time to time, AMG may use its website as a
distribution channel of material Company information. AMG routinely
posts financial and other important information regarding the
Company in the Investor Relations section of its website at
www.amg.com and encourages investors to consult that section
regularly.
AMG Investor Relations:Patricia Figueroa
AMG Media Relations:Ann Imes
(617) 747-3300ir@amg.compr@amg.com
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