Affiliated Managers Group
(AMG) will be acquiring 60 percent interest in Third Avenue Management
, David Barse, president and coo at the latter, told the MutualFundWire.com. The firms expect shareholder and regulatory approval to be completed by the middle of the summer.
"This is not going to affect our branding or product line at all," Barse reported. He also added that Third Avenue senior professionals will be staying on with this change and signing long-term employment contracts.
"By choosing to partner with AMG, we have been able to address our succession planning needs while maintaining important incentives for continued growth. While we value the continued autonomy provided by AMG's investment structure, we also value the opportunity to benefit from AMG's Affiliate Development initiatives in the areas of distribution and business enhancement," the executive contended.
The remaining 40 percent of Third Avenue will be held by members of that firm's senior management. Barse is a member of that group.
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