US-based SRI house Boston Common Asset Management has agreed to sell a “minority equity interest” to Affiliated Managers Group (AMG), the Florida-based firm with $654bn in assets under management.
Boston Common’s senior partners will retain “a significant majority of the equity” and will continue to direct the firm’s day-to-day operations under the agreement, which was announced this week. The financial details of the deal were not disclosed.
Boston Common, which manages $3.9bn in assets, is a well respected name in the world of ESG and is a regular filer of shareholder proposals at US companies.
It was founded in 2003 by Geeta Aiyer, a recognised leader in ESG and impact investing with more than 30 years experience. The firm is majority women-owned and employee-owned.
AMG’s President and CEO Jay Horgen said that the new partnership “further enhances our strategic participation in ESG investing, an area that is one of the fastest-growing segments in the investment industry, and an increasingly significant focus for clients globally”.
“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,” added Aiyer, who remains Boston Common’s President. “It was essential to us to identify a long-term partner and collaborator aligned with our culture and approach.”
Last year, Trillium Asset Management, another of the respected US SRI houses, was acquired by another large, mainstream player, Perpetual. The Australian financial group bought the Boston-based firm for $36m.