Affiliated Managers Group Buys Stake in Abacus Capital Group LLC
Posted on 09/28/2021
Listed fund management investor Affiliated Managers Group, Inc. (NYSE: AMG) entered into a definitive agreement to acquire a majority equity interest in New York-based Abacus Capital Group, LLC. After the closing of the transaction, Abacus senior management will continue to hold a substantial portion of the equity of the firm and direct its day-to-day operations, consistent with AMG’s partnership approach, which is recognized by the marketplace for preserving the operating and investment independence of AMG Affiliates. Abacus has approximately US$ 2 billion in assets under management. Benjamin Friedman is the principal owner of Abacus.
Founded in 2004, Abacus is a privately owned real estate investment manager focused on the U.S. multifamily sector. Led by Founders Chief Executive Officer Benjamin Friedman and Senior Vice President Kyle Ellis, Abacus’ investment team utilizes a research-driven investment process to identify optimal markets and opportunities. The terms of the transaction were not disclosed. Friedman and members of the senior management team will enter into long-term employment agreements with the firm. The transaction is expected to close in the fourth quarter of 2021.