he leadership of Paradigm Asset Management Company
is buying back a minority interest from Affiliated Managers Group
. New York City-based Paradigm manages approximately $1.0 billion in assets. The terms of the transaction were not disclosed.
AMG is an investment management "roll-up" which has purchased a number of institutional and retail money managers. It most recent acquisition was of a portion of Third Avenue Management.
AMG had purchased a minority interest in Paradigm in 1995 as part of a management buyout from Paradigm's then parent. Unlike its other deals, AMG had no option to purchase additional equity in Paradigm in the future.
James E. Francis
will continue to lead Paradigm as president and chief executive officer and the firm's personnel and operations will remain unchanged.
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