AMG (NYSE:AMG) shares dipped Monday, as the company, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Verition Fund Management LLC, a global multi-strategy investment firm.
Under the terms of the transaction, Verition’s management will retain a substantial majority of the firm’s equity, continue to lead the organization, and maintain full control of day-to-day operations.
As part of the agreement, Verition’s Co-Founders, Nicholas Maounis and Josh Goldstein, have entered into long-term commitments with the firm. Verition’s management will also make a significant additional investment in the firm’s fund, reinforcing its deep alignment with the business and its investors.
Founded in 2008, Verition has developed a globally recognized multi-strategy platform that allocates capital across a diversified range of uncorrelated strategies. The firm has delivered consistent returns with limited volatility, earning the confidence of institutional investors worldwide.
Verition’s platform comprises approximately 150 portfolio management teams, supported by a culture of collaboration, innovation, and operational excellence. As of April 1, the firm manages approximately $12.6 billion in assets.
AMG is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in 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.
Shares in AMG began Monday down $1.43 to $154.78.