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Affiliated Managers Group, Inc. (NYSE: AMG), a global asset management company, has entered into a definitive agreement to acquire a majority equity interest in Yacktman Asset Management Co. (“Yacktman”). After the closing of the transaction, the management partners of Yacktman will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations.
With approximately $17 billion of assets under management, Yacktman is a highly-regarded investment manager specializing in large-cap equities through a unique, value-oriented approach. The firm seeks to make investments in high-quality businesses at low valuations with the goal of generating outperformance over the long term. The firm’s two flagship mutual funds, The Yacktman Fund and The Yacktman Focused Fund, are ranked in the top decile in Morningstar’s Large Value category for the trailing 3-, 5- and 10-year periods, with five-star ratings assigned to both funds. In addition, Yacktman serves a number of institutional investors and high-net-worth individuals through separately managed accounts and sub-advisory mandates.
The firm was founded in 1992 by Donald Yacktman, who was nominated by Morningstar as Fund Manager of the Decade in 2009. Mr. Yacktman and Stephen Yacktman also were named as finalists for Morningstar’s Domestic-Stock Manager of the Year award in 2011.
“We are very pleased to partner with Yacktman Asset Management, an outstanding firm with a highly attractive, concentrated alpha investment philosophy which has generated outperformance across all stages of the market cycle,” said Sean M. Healey, AMG’s Chairman and Chief Executive Officer. “Over the past two decades, Yacktman has delivered exceptional investment performance relative to both peers and benchmarks, as well as strong organic growth, including the challenging period for retail equity managers since 2008. With a remarkable long-term track record of outperformance, Yacktman is positioned for continued success globally. We look forward to working with our newest Affiliate on a range of strategic initiatives.”