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AMG Wealth Partners To Buy Big Stake In San Francisco's Baker Street Advisors
Eliane Chavagnon
28 January 2015
AMG Wealth Partners, a subsidiary of Affiliated Managers Group, is to acquire a majority equity interest in Baker Street Advisors, a San Francisco, CA-based wealth management firm which advises on approximately $6 billion in assets. Terms of the deal were not disclosed. The management partners of Baker Street will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations once the transaction has closed, AMG said. Meanwhile, Baker Street’s senior professionals have agreed to long-term commitments with the firm. As of December 31, 2014, the aggregate assets under management of AMG’s affiliates were approximately $626 billion. AMG said its strategy is to grow through the internal growth of existing affiliates, as well as through investments in new ones. In August 2013, AMG Wealth Partners acquired an equity interest in New York-based Clarfeld Financial Advisors.