Affiliated Managers Group acquires Welch & Forbes

Affiliated Managers Group acquired Welch & Forbes, a transaction completed in December 2001, structured as cash (terms not disclosed). The deal was a Majority-stake investment.

Welch & Forbes operates in Private wealth / trust management, is based in Boston, Massachusetts, USA, had revenue of about $4.2 billion AUM. AMG agreed to acquire a majority (60%) equity interest in Welch & Forbes, a Boston-based investment manager established in 1838 with over $4.2 billion in assets under management providing customized investment advisory and fiduciary services to personal trusts, high-net-worth families and charitable foundations. Welch & Forbes' principals retained 40% and continued to run day-to-day operations under long-term employment agreements. Financial terms were not disclosed.

AMG's succession-planning partnership model: the Affiliate keeps operating autonomy and management retains meaningful equity while AMG provides growth capital and centralized support.

We are very pleased to welcome Welch & Forbes to AMG's family of Affiliates. We have been very impressed by Welch & Forbes' management team and the strong relationships they have with their clients.William J. Nutt, Chairman and Chief Executive Officer, AMG

Advisory firms were not disclosed for this transaction.

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