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Affiliated Managers Group (AMG) has bought a stake in New York-based Verition Fund Management, a high-profile multi-manager addition to its portfolio.
Verition’s management will continue to lead the $12.6bn firm and retain a “substantial majority” of equity, according to a statement on Monday.
Nicholas Maounis and Josh Goldstein, who co-founded Verition in 2008, have entered into long-term commitments with the firm, which is one of AFI’s Power List multi-managers running $10bn+.
Verition’s platform comprises about 150 portfolio management teams, making it one of the largest pod-shops in the sector. Teams are “supported by a culture of collaboration, innovation, and operational excellence,” according to a statement.
“Verition is a premier multi-manager with an outstanding track record across nearly two decades,” said Jay C. Horgen, president and CEO of AMG.
“With its focus on uncorrelated strategies, disciplined approach, strong risk framework, and proven ability to consistently deliver excellent results for clients, Verition is positioned as a leader in the growing multi-strategy space.
“Verition exhibits what we look for in a partner: a high-quality independent firm operating in an area of secular growth, with a high-performing team and excellent long-term prospects.”
Maounis said Verition was attracted by the “track record, long-term orientation and unique approach” at AMG, which also invests in Systematica, Winton, AQR and Capula.
“This partnership supports the continued expansion of our platform, broadens our global reach, and strengthens our ability to execute on long-term strategic priorities — all with the goal of delivering lasting value to our investors.”
The terms of the transaction, expected to close in Q2, were not disclosed. Bloomberg first reported the news.
Verition employs approximately 750 people and has offices in New York, Greenwich and Norwalk (CT), London, Singapore, Hong Kong and Dubai.
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