MutualFundWire.com: Will a Multiboutique Sell This $19B Shop?

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Wednesday, August 7, 2019

Will a Multiboutique Sell This $19B Shop?

A multiboutique asset manager with $772.2 billion in AUM (as of June 30) may soon break up with one of its affiliates.

Jay C. Horgen
Affiliated Managers Group
President, CEO

Jay Horgen and his team at West palm Beach, Florida-based Affiliated Managers Group (AMG [profile]) are looking into selling AMG's majority stake in BlueMountain Capital Management, Bloomberg reports. BlueMountain, a hedge fund shop, has $19 billion in AUM, more than 150 employees, and offices in New York City and London.

The AMG team has publicly acknowledged that BlueMountain is having a tough 2019. For Q1 2019, AMG reported a $415-million writedown of the value of AMG's stake in BlueMountain. Nate Dalton, then-CEO of AMG, called BlueMountain's Q1 "really challenging." (Horgen has since taken over as AMG's CEO.)

"We continue to work with BlueMountain in repositioning the business towards profitability," Horgen told analysts last week on AMG's Q2 earnings call.

Printed from: MFWire.com/story.asp?s=60070

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