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AMG invests in Veritas Asset Management

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Affiliated Managers Group (AMG), a global asset management company, has entered into a definitive agreement to acquire a majority equity interest in Veritas Asset Management LLP (Veritas). 

After the closing of the transaction, the management partners of Veritas will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.
 
Founded in 2003, Veritas is a leading independent global and Asian equity manager with award-winning investment strategies that seek to deliver long-term real returns for clients through both long-only and long-short mandates. With offices in London and Hong Kong, Veritas manages approximately £10 billion ($17 billion) across both funds and segregated portfolios for institutional and retail investors in the United Kingdom and around the world. Veritas has generated strong investment performance for its clients through the Veritas Real Return Approach, an investment philosophy focused on protecting and growing the real value of clients’ capital, always analyzing potential investments through fundamental research with a strong value discipline, and on an absolute basis rather than relative to any benchmark or index.
 
With a team of 32 professionals, Veritas is led by four Partners: Charles Richardson (Chairman and Fund Manager), Andy Headley (Fund Manager and Head of Global), who together lead the global equity business, Ezra Sun (Fund Manager and Head of Asia), and Richard Grant (Chief Operating Officer). Veritas has received numerous awards for outstanding performance, including “Best Global Fund Manager” by Morningstar Europe in 2012; its Global Focus Fund and Global Equity Income Fund are rated five- and four-stars, respectively, by Morningstar.
 
“We are very pleased to partner with Veritas Asset Management, one of the industry’s most highly regarded global equity managers. We have tremendous respect for the experience and talent of the management team at Veritas, and believe the firm is well-positioned for additional growth and continued success,” says Sean M Healey, Chairman and Chief Executive Officer of AMG. “We look forward to working with our new partners on a variety of initiatives to enhance the firm’s forward growth and development.”
 
“AMG’s unique partnership approach preserves our operational autonomy and investment independence, whilst enhancing our ability to serve our clients and ensuring the longevity and stability of our firm,” says Richardson. “We believe AMG is the ideal partner for Veritas given their understanding of, and appreciation for, the essential elements for the long-term success of investment management boutiques.”
 
As part of the transaction, Veritas’ senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.

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