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Rating:AMG Bets On an 18-Year-Old ESG Shop Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 04, 2021

AMG Bets On an 18-Year-Old ESG Shop

Reported by Neil Anderson, Managing Editor

A publicly traded, multiboutique asset manager is betting on a women-owned, women-led, ESG equity-focused fund firm.

Geeta Bhide Aiyer
Boston Common Asset Management, LLC
President, Founder
On Monday, Jay Horgen, president and CEO of Affiliated Managers Group, Inc. (AMG), confirmed that the West Palm Beach, Florida-based firm has agreed to buy a minority stake in Boston-based Boston Common Asset Management, LLC [profile]. The terms of the deal were not publicly disclosed.

Boston Common's senior partners will still own the majority of the firm and run it day-to-day once the deal closes, according to the AMG team. Per Boston Common's most recent form ADV, filed last July, the asset manager's leaders include: Geeta Aiyer, president and founder (listed as owning between 10 percent and 24 percent of the company); Matt Zalosh, chief investment officer of international strategies (also between 10 and 24 percent); Praveen Abichandani, portfolio manager (between 5 and 9 percent); Corne Biemans, portfolio manager (between 5 and 9 percent); Lauren Compere, managing director and director of shareholder engagement (between 5 and 9 percent); Allyson McDonald, CEO (between 5 and 9 percent); Nancy Spady, managing director and chief financial officer (between 5 and 9 percent); Kristina Eisnor, chief operating officer and chief compliance officer (less than 5 percent); and Steven Heim, managing director (less than 5 percent). Rosemont Investment Group, a private equity firm that focuses on the asset and wealth management industries, is also listed as owning (through one of its funds) between 10 and 24 percent of Boston Common.

As of December 31, Boston Common had $3.9 billion in AUM. Its offerings included a pair of mutual funds: the three-star, $50.2-million Boston Common ESG Impact U.S. Equity Fund; and the four-star, $415.6-million Boston Common ESG Impact International Fund. Aiyer founded Boston Common in 2003.

AMG's Horgen lauds the Boston Common team's "consistent investment process, strong long-term track record, and extraordinary expertise in sustainable investing."

"Our new partnership with AMG enables Boston Common to preserve its authentic approach and investment and operational independence, while enhancing the firm's ability to serve its clients," Boston Common's Aiyer states.

"We believe that AMG's distribution platform and relationships with global asset owners will meaningfully enhance the growth of Boston Common's integrated ESG capabilities and further diversify our client base," Boston Common's McDonald states, putting the deal in the context of the firm entering its "next phase" of growth while continuing "to build an enduring, multi-generational, independent investment firm." 

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