Affiliated Managers Group acquires TimesSquare Capital Management

Affiliated Managers Group acquired TimesSquare Capital Management, a transaction completed in November 2004, structured as cash (terms not disclosed). The deal was a Carve-out / majority-stake investment.

TimesSquare Capital Management operates in Growth equity (small/mid-cap), is based in New York, New York, USA (carved out of CIGNA), had revenue of about $5.0 billion AUM. AMG and the TimesSquare management team acquired the growth-equity investment advisory business of TimesSquare Capital Management, a unit of CIGNA Corporation, carving it out into a new firm, TimesSquare Capital Management, LLC. AMG took an approximately 60% interest with the management team holding roughly 40% and directing day-to-day operations as an independent Affiliate. The business managed about $5.0 billion for roughly 90 institutional clients in growth-oriented small- and mid-cap products.

Partnering with a management team to carve a high-quality growth-equity boutique out of a larger insurer, aligning management through direct equity ownership.

Advisory firms were not disclosed for this transaction.