AMG Wealth Partners, LP, a subsidiary of Affiliated Managers Group, Inc.
(NYSE: AMG), has entered into a definitive agreement to acquire a
majority equity interest in myCIO Wealth Partners, LLC (“myCIO”). After
the closing of the transaction, the management partners of myCIO will
continue to hold a substantial portion of the equity of the business and
direct its day-to-day operations.
Based in Philadelphia, myCIO is a Comprehensive, Independent and
Objective (CIO) financial advisory firm founded in 2005, advising
approximately $7 billion in client assets. Senior partners David Lees,
James Biles and Paul Bracaglia lead a team of over 30 professionals
providing comprehensive and integrated advice regarding financial, tax
and estate planning, asset allocation and investment management to
corporate executives, families, endowments, trusts and retirement plans.
myCIO offers tailored portfolios and strategies designed to meet
clients’ overall financial objectives while seeking to minimize taxes
and market risk.
“myCIO is a leading wealth advisory boutique that complements our
existing Affiliate group,” said John W. Copeland, President of AMG
Wealth Partners. “As the demand for tailored, high-end wealth advisory
services increases, myCIO’s unique focus on corporate executive
financial and retirement planning, combined with customized investment
advice, provides an outstanding platform for continued growth. David,
Jim, Paul and their team have built an impressive business over the past
decade. We look forward to helping expand their capabilities to a
broader client base while setting the course for incremental future
growth.”
“Our partnership with AMG Wealth Partners allows us to continue our
focus on serving clients, while ensuring our long-term independence and
autonomy,” said Mr. Lees. “Jim, Paul and I are excited by this
opportunity to elevate our key next generation advisors to partners in
the firm. We believe that AMG Wealth Partners will play an important
role in supporting our growth and scale while further strengthening our
ability to meet the current and future needs of our clients.”
As part of the transaction, myCIO’s senior professionals have agreed to
long-term commitments with the firm. The terms of the transaction were
not disclosed.
About AMG Wealth Partners
AMG Wealth Partners is a subsidiary of Affiliated Managers Group, Inc.
(NYSE: AMG), a global asset management company with equity investments
in leading boutique investment management firms. As of March 31, 2015,
the aggregate assets under management of AMG’s Affiliates were
approximately $638 billion in more than 400 investment products across a
broad range of investment styles, asset classes and distribution
channels. AMG’s strategy is to generate growth through the internal
growth of existing Affiliates, as well as through investments in new
Affiliates. In addition, AMG provides centralized assistance to its
Affiliates in strategic matters, marketing, distribution, product
development and operations.
AMG Wealth Partners employs the essential elements of AMG’s proven
partnership model, with an approach tailored to meet the unique
attributes and needs of independent wealth advisory firms. The firm
seeks permanent partnerships with the most highly regarded wealth
management firms and provides capital, strategic guidance and
infrastructure capabilities to help them grow, scale their businesses
and better serve their clients.
Certain matters discussed in this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. These statements include, but are not limited to,
statements related to our expectations regarding the performance of our
business, our financial results, our liquidity and capital resources and
other non-historical statements. You can identify these
forward-looking statements by the use of words such as “outlook,”
“guidance,” “believes,” “expects,” “potential,” “continues,” “may,”
“will,” “should,” seeks,” “approximately,” “predicts,” “projects,”
“intends,” “plans,” “estimates,” “anticipates” or the negative version
of these words or other comparable words. Actual results and the
timing of certain events could differ materially from those projected in
or contemplated by the forward-looking statements due to a number of
factors, including changes in the securities or financial markets or in
general economic conditions, the availability of equity and debt
financing, competition for acquisitions of interests in investment
management firms, the ability to close pending investments, the
investment performance and growth rates of our Affiliates and their
ability to effectively market their investment strategies, the mix of
Affiliate contributions to our earnings and other risks, uncertainties
and assumptions, including those described under the section entitled
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2014, as such factors may be updated from time to time in
our periodic filings with the SEC, which are accessible on the SEC’s
website at www.sec.gov.
These factors should not be construed as exhaustive and should be
read in conjunction with the other cautionary statements that are
included in this release and in our filings with the SEC. We
undertake no obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future developments
or otherwise, except as required by applicable law.
From time to time, AMG may use its website as a distribution channel
of material Company information. AMG routinely posts financial
and other important information regarding the Company in the Investor
Relations section of its website at www.amg.com
and encourages investors to consult that section regularly.
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