AMG Wealth Partners, a subsidiary of Affiliated Managers Group, has acquired an equity interest in New York-based Clarfeld Financial Advisors.

Clarfeld’s management and employees will continue to hold a majority of the equity in the business and retain operating autonomy to manage the company, the firm said in a statement.

As part of the transaction, a group of Clarfeld’s senior professionals have made long-term employment commitments to the firm.

The terms of the transaction were not disclosed.

Clarfeld, founded in 1981 by Robert Clarfeld, advises on approximately $4 billion of client assets.

AMG Wealth Partners’ affiliates had $470 billion in assets under management as at June 31, 2013, dispersed across over 400 investment products. The firm’s strategy is to generate capital via the internal growth of both existing and new affiliates.