Affiliated Managers Group Inc., a Boston asset management company, and AQR Capital Management announced Monday that AMG had bought an equity interest in AQR's business.
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The latter's management team owns the remaining equity and is to retain operating autonomy for managing the business.
AQR is a quantitative investment management firm and hedge fund manager, with about $12 billion of assets under management, including more than $6.5 billion in hedge funds. Based in Greenwich, Conn., it offers quantitatively managed hedge funds and long-only international equity products in collective investment vehicles and separate accounts for more than 500 institutional and high-net-worth clients.
