AMG Wealth Partner LP on Tuesday entered into a definitive agreement to acquire an equity interest in Veritable LP.
Financial terms of the deal were not disclosed.
Once the deal is completed, Veritable's management and employees will hold a significant equity interest in the business and continue to direct its day-to-day operations, AMG Wealth officials said.
Boston-based AMG Wealth Partners is a subsidiary of Affiliated Managers Group Inc., an asset management company with equity investments in leading boutique investment management firms. As of December 31, the aggregate assets under management of AMG'saAffiliates were approximately $338 billion.
Newtown Square, Pa.-based Veritable is a wealth management firm and manages over $10 billion across nearly 200 ultra-high-net-worth families. Founded in 1986 by CEO Michael Stolper, the firm consists of 84 employees, including 36 investment advisory and 12 research professionals.
"We are very pleased to partner with Veritable, a fast-growing and widely recognized leader among independent wealth management firms," said AMG Chairman and CEO Sean M. Healey. "Veritable's decision to join AMG Wealth Partners underscores the strength of our investment model and our reputation as the partner of choice for boutique firms."