Boston-based asset management firm Affiliated Managers Group Inc. (AMG), has acquired a majority equity share in Yacktman Asset Management Co., company officials disclosed Wednesday. Terms of the transaction were not disclosed.
After the closing of the transaction, the management partners of Yacktman will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations. As part of the transaction, all Yacktman senior officials have agreed to long-term commitments with the firm. In addition, the Yacktman funds will become part of the Managers family of funds.
Austin, Texas-based Yacktman has approximately $17 billion of assets under management and specializes in large-cap equities. The firm seeks to make investments in high-quality businesses at low valuations with the goal of generating outperformance over the long term. The firm was founded in 1992 by Donald Yacktman.
The firm's two flagship mutual funds are The Yacktman Fund and The Yacktman Focused Fund. The company also serves institutional investors and high-net-worth individuals through separately managed accounts and sub-advisory mandates.