Treasury Yields Move Higher on Long End as Signs of Economic Growth Continue…..

WEST PALM BEACH, Fla., July 17, 2023 (GLOBE NEWSWIRE) — Affiliated Managers Group, Inc. (NYSE: AMG), a leading partner to independent investment management firms globally, today announced that it has entered into an agreement with Pathstone Family Office, LLC (“Pathstone”) and Veritable, LP (”Veritable”), under which Pathstone will acquire 100% of the outstanding equity interests in Veritable. AMG will receive all of its transaction proceeds in cash at closing.

“We are pleased to have had a strong partnership with Veritable, magnifying its growth and success over time,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “The Veritable partners and AMG recognized the strategic benefits that would result from a combination with Pathstone, and given our alignment and partnership approach, we supported this successful outcome for all stakeholders, including Veritable’s clients, partners, and employees, as well as AMG. We wish the Veritable team the best going forward, as they become part of Pathstone.”

“We chose to partner with AMG eleven years ago because of its unique partnership model and core tenet of preserving the investment and operational independence of its Affiliates,” said Michael Stolper, Founder and Co-Chief Executive Officer of Veritable. “AMG delivered on its core promise and has been a contributor to the success of our firm, providing solutions and advice that enhanced our business across a range of initiatives over time; we have greatly valued AMG’s culture of partnership.”

AMG expects to use the gross cash proceeds of approximately $294 million from the transaction to repay debt, fund future growth initiatives, and repurchase shares. As of May 31, 2023, Veritable managed approximately $17 billion in client assets.

The transaction is expected to close in the second half of 2023, subject to customary closing conditions.

Treasury Yields Continued to Rise on Fed Policy Expectations and Economic Outlook….

Treasury Yields Climbed on Fed Policy Projections and Improved Economic Outlook……