Affiliated Managers Group Inc., an asset management holding company that acquires majority interests in midsize investment firms, went public Friday.
The initial offering of 7.5 million common shares, priced at $23.50, began trading at $25.75 per share. Trading under the symbol AMG on the New York Stock Exchange, it closed at $26.50. The offering was co-managed by Goldman, Sachs & Co., BT Alex. Brown Inc., Merrill Lynch & Co., and Schroder & Co.
Boston-based AMG holds stakes in 10 investment management firms with a total of $40 billion under management, including Tweedy, Browne Co., a New York mutual fund company.
AMG was founded in December 1993 by William J. Nutt, a former president of Boston Co., now an investment management subsidiary of Mellon Bank Corp.