Affiliated Managers Group Inc. announced on Friday that it had completed its investment in the growth equity advisory business of TimesSquare Capital Management Inc., an investment management unit of Cigna Corp.
The growth equity business is to be operated through a new company, TimesSquare Capital Management LLC. Affiliated Managers, a Boston investment management company, has bought about a 60% interest in TimesSquare. The remaining roughly 40% is held by a group of TimesSquare managers who will oversee the company's operations.
TimesSquare's equity investment team manages about $5.1 billion of growth-oriented small- and mid-cap investment products for 90 institutional clients, including public and corporate pension funds, endowments and foundations, and Taft-Hartley retirement plans.
