Affiliated Managers Group
, Inc. is buying the equity advisory business of Cigna
Corporation's TimesSquare Capital Management
AMG will hold an approximately 60 percent stake in the business, which will be operated through the new company TimesSquare Capital Management, LLC. The TimesSquare management team will hold the remainder of the ownership interest.
The team is led by Grant Babyak
, Yvette Bockstein
, and Tony Rosenthal
. All three have entered into long-term agreements with the firm and with AMG. In total, TimesSquare will have 21 employees, nine of them investment professionals.
"While the core group of the management of TSCM’s equity business have worked together for over eight years, through their partnership with AMG, TimesSquare will become an independent business specializing exclusively in equity investments for its primarily institutional client base," said Sean M. Healey
, AMG’s President and chief operating officer.
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