News
July 29, 2009
BOSTON, July 29, 2009 – Affiliated Managers Group, Inc. (NYSE: AMG) and Harding Loevner LLC (“Harding Loevner”) today announced that the firms have agreed to complete their previously announced transaction. After the closing of the transaction, and consistent with all AMG investments, the partners and employees at Harding Loevner will retain substantial equity ownership in the firm as well as operating autonomy in managing their business.
“Harding Loevner is recognized as a premier global equity manager with an outstanding track record of outperformance relative to peers and benchmarks across its highly regarded investment strategies, including its emerging markets product, which has generated strong long-term returns for its clients, as well the firm’s global and international products, which are ranked in the top quartile in their manager peer universes and Morningstar categories for the one-, three-, and five-year periods. With approximately $5 billion in assets under management, Harding Loevner has a history of strong organic growth and the firm is well-positioned for substantial growth over the long term,” stated Sean M. Healey, President and Chief Executive Officer of AMG. “We are very impressed with the strength of Harding Loevner’s management team and the performance of the business during the extreme market volatility, and we are pleased to welcome our newest Affiliate partner.”
“We are delighted to move forward with our transaction with AMG. By partnering with AMG, we are able to maintain our autonomy and strong investment culture, and at the same time, provide both the management team and successive generations with meaningful equity stakes,” said David Loevner, Chief Executive Officer of Harding Loevner.
Upon completion of the transaction, which is expected during the third quarter, AMG will hold approximately a 60% interest in Harding Loevner. The remaining approximately 40% of the business will be held by a broad group of senior professionals. The terms of the transaction were not disclosed.
About Affiliated Managers Group, Inc.
Affiliated Managers Group is a diversified asset management company with approximately $180 billion in assets at June 30, 2009 (pro forma for the pending Harding Loevner investment). AMG’s strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. Through AMG’s innovative partnership approach, individual members of each Affiliate’s management team retain or receive significant direct equity ownership in their firm while maintaining operating autonomy. AMG provides centralized assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations.
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