AMG Wealth Partners LP has agreed to buy a majority stake in San Francisco-based wealth management firm Baker Street Advisors LLC. No financial terms were disclosed.
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–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 Baker Street Advisors LLC (“Baker Street”). After the closing of the transaction, 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.
Baker Street, a San Francisco-based wealth management firm, provides customized wealth management and comprehensive investment advisory solutions to individuals, families and foundations. Founded by Jeff Colin in 2003, the firm advises on approximately $6 billion in assets. Baker Street focuses on simplicity, cost-effectiveness and tax-efficiency, while seeking to generate the highest risk-adjusted rates of return, after taxes and fees, for each client.
“We are pleased to welcome Baker Street, a leading wealth advisory boutique, to our Affiliate group,” said John W. Copeland, President of AMG Wealth Partners. “Jeff Colin, Mike van den Akker, Chris Wilkens, Jim Milligan and the rest of the Baker Street team have a strong record of helping clients achieve excellent results using a highly specialized, unbiased approach to investing. We look forward to working alongside our new partners and bringing Baker Street’s expertise to more investors.”
“Through our partnership with AMG Wealth Partners, we are able to maintain our independence and autonomy as we continue to serve the best interests of our clients,” said Mr. Colin. “We will focus, as always, on providing objective, customized wealth management and investment advisory solutions to private clients, families and foundations.”
As part of the transaction, Baker Street’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 December 31, 2014, the aggregate assets under management of AMG’s Affiliates were approximately $626 billion, pro forma for a pending investment, 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.