InvestmentsOct 31 2014

US-based Affiliated Managers Group takes stake in Veritas

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Veritas Asset Management has sold a stake in the business to US-based Affiliated Managers Group.

Veritas, whose managers include Charles Richardson and Ezra Sun, runs long-only and long/short global and Asian equity funds which it sells to both the retail and institutional market.

The group, founded in 2003 and which has offices in London and Hong Kong, has now sold a stake to Affiliated, a global asset management company with equity investments in “leading boutique investment management firms”.

Veritas uses a ‘real return approach’, which it said focuses on “protecting and growing the real value of clients’ capital, always analysing potential investments through fundamental research with a strong value discipline, and on an absolute basis rather than relative to any benchmark or index”.

When the deal was first announced in April, Mr Richardson, also chairman of the company, said Affiliated’s approach “preserves our operational autonomy and investment independence, whilst enhancing our ability to serve our clients and ensuring the longevity and stability of our firm”.

“We believe AMG is the ideal partner for Veritas given their understanding of, and appreciation for, the essential elements for the long-term success of investment management boutiques,” he added.