AMG Wealth Partners LP, a subsidiary of Affiliated Managers Group Inc., is acquiring a majority equity interest in Baker Street Advisors LLC, a San Francisco-based wealth management firm, AMG announced Tuesday.

After the closing of the transaction, the management partners of Baker Street will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations. Terms of the agreement were not released.

Founded by Jeff Colin in 2003, Baker Street advises on approximately $6 billion in assets. AMG Wealth Partners is a global asset management company with equity investments in boutique investment management firms. AMG affiliates have approximately $626 billion under advisement.

As part of the agreement, Baker Street senior officers have agreed to long-term contracts with the firm, AMG says.