US based institutional fund manager Affiliated Managers Group (AMG) has completed its investment in UK based Veritas Asset Management first announced in April of this year.
AMG holds stakes in 25 investment managers of which nine, including AQR Capital Management, manage investments for retail and institutional clients in Australia, and has acquired a majority equity interest in Veritas.
As part of the equity investment Veritas will continue to have its daily operations directed by its original management partners who will also maintain their positions on the board of Veritas after agreeing to long-term commitments with the firm.
AMG chief executive Sean Healey said his firm looked forward to working with Veritas which offered long-term real returns through long-only and long-short mandates across funds and segregated portfolios.
The other investment managers in the AMG group managing funds in the Australian market are: Artemis Investment Management, BlueMountain Capital Management, First Quadrant, Harding Loevner, Pantheon, Tweedy Browne Company, ValueAct Capital and Yacktman Asset Management.