Affiliated Managers Group Inc., a Boston asset manager, announced that it had bought an equity interest in BlueMountain Capital Management, a New York and London credit alternatives manager.

BlueMountain's management team continues to hold a majority of the company's equity and will retain operating autonomy. It manages $4.8 billion of assets as a global credit alternatives manager specializing in relative value strategies in the corporate loan, bond, credit, and equity derivatives markets.

The firm, which was started in 2003, identifies investment strategies using a combination of fundamental research and quantitative and technical analysis. During the past three years, assets under management have grown 26% annually, from $2.4 billion to $4.8 billion.

As part of the transaction, the firm's six managing partners have signed long-term employment agreements with BlueMountain and AMG. Its managing partners will invest a significant portion of the proceeds from the equity sale in BlueMountain's products. The deal's price was not disclosed.

The firm's management, investment philosophy, and process are to remain unchanged.

AMG, which announced the deal Tuesday, had $297 billion of assets under management at Sept. 30.

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