Short Takes: Asset Management Firm Files for IPO

Affiliated Managers Group on Tuesday filed a registration with the Securities and Exchange Commission for an initial public offering of common stock.

Boston-based Affiliated is a holding company that buys minority stakes in asset management firms. It has about $41 billion in assets under management. Its owners include NationsBank Corp., ITT Hartford, and TA Associates, a venture capital firm in Boston.

The offering is expected to be completed in the fourth quarter, according to a company statement. The underwriters will include lead manager Goldman, Sachs & Co. as well as Alex. Brown & Sons and Merrill Lynch & Co.

Affiliated has an ownership stake in 10 asset management firms. Last month Affiliated made agreements to take significant minority ownership positions in Geocapital, a New York investment firm that manages $2 billion, and in Tweedy, Browne Co., another New York firm that manages $5 billion for institutions and wealthy individuals.

William J. Nutt, Affiliated's president, declined to say how many shares will be sold or how much money the offering will raise.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER