Affiliated Managers Group yesterday said it plans to buy British private equity group Pantheon Ventures, in the US money manager holding company’s fifth acquisition in seven months.
AMG, which has been pushing hard into alternative assets like hedge funds and into foreign markets in the last years, also said it has millions on hand to keep making acquisitions.
AMG would pay $775m (£497m) to Russell Investments, a unit of Northwestern Mutual Life Insurance, to acquire the private equity fund-of-funds group, which allocates investors assets to a portfolio of private equity funds.
London-based Pantheon oversees roughly $22bn in assets for pension funds, endowments and governments and will raise Massachusetts-based AMG’s $231bn in assets.
AMG’s moves come at a time when the money management industry is expected to consolidate even more as some banks are trying to unload their investment management arms.
“We continue to see opportunities in boutique firms around the world,” said AMG chief executive Sean Healey. “We would not hesitate to make additional investments of this size or larger.”