Dissatisfied with the bids received by Great Western Financial Corp. for its mutual fund complex, a group of directors of the Sierra funds is making its own buyout offer, according to people familiar with the talks.

The group has secured financial backing from Affiliated Managers Group, a Boston-based holding company that invests in mutual fund companies, these people said. AMG typically buys fund companies outright, then hands over a percentage of the equity to the fund companies' managers.

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