Affiliated Managers Group acquires TimesSquare Capital Management

Affiliated Managers Group acquired TimesSquare Capital Management, a transaction completed in November 2004, structured as cash (terms not disclosed). The deal was a Carve-out / majority-stake investment.

TimesSquare Capital Management operates in Growth equity (small/mid-cap), is based in New York, New York, USA (carved out of CIGNA), had revenue of about $5.0 billion AUM. AMG and the TimesSquare management team acquired the growth-equity investment advisory business of TimesSquare Capital Management, a unit of CIGNA Corporation, carving it out into a new firm, TimesSquare Capital Management, LLC. AMG took an approximately 60% interest with the management team holding roughly 40% and directing day-to-day operations as an independent Affiliate. The business managed about $5.0 billion for roughly 90 institutional clients in growth-oriented small- and mid-cap products.

Partnering with a management team to carve a high-quality growth-equity boutique out of a larger insurer, aligning management through direct equity ownership.

We are very pleased to announce our partnership with the TimesSquare management team.Sean M. Healey, President and Chief Operating Officer, AMG

Advisory firms were not disclosed for this transaction.

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