A Boston-based asset manager with more than $8 billion in AUM is buying a nearby shop with $670 million in AUM.

Daniel Lagan Congress Asset Management CEO and CIO

Congress Asset Management is acquiring Century Capital Management, Congress CEO Daniel Lagan confirms. The terms of the deal are not disclosed.

This transaction will help Congress provide small cap value offerings, which will be complementary to Congress' large cap ones, Chris Lagan, chief operating officer and managing director of Congress, tells MFWire.

Chris Lagan explains that this was an opportunistic acquisition for Congress.

"We weren't out shopping," he says. "We aren't out looking for more funds."

After the acquisition, Congress' team of investment professionals will be more than 20, says Lagan.

Century’s managing partner, Lanny Thorndike, will be joining Congress. So will Jeffrey Kerrigan, PM for the Century Small Cap Value Strategy, and Anand Vankawala, a member of the equity research team.

"The landscape is changing in the asset management industry," Thorndike tells MFWire. “Congress is a good platform for the growth of our products."

The transaction is expected to close in the third quarter of 2017 and is subject to Century Fund shareholder approval as well as other customary closing conditions.

 

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