Affiliated Managers Group, the New York-listed asset management giant, has appointed John Copeland as president of AMG Wealth Partners, a newly-formed subsidiary focusing on investments in boutique wealth management firms.

Copeland joins AMG Wealth Partners from Morgan Stanley, where he was a senior partner at one of the firm’s largest private wealth management teams. He is also a former managing director at Lehman Brothers in the Private Investment Management business.

In his new role he will be based in West Palm Beach, Florida, and report directly to Sean Healey, AMG’s chairman and chief executive.

Although the Wealth Partners business will invest in boutique firms, the management teams of those firms will retain a significant equity stake and operational autonomy, with the intention of maintaining a culture of independence and well-aligned incentives.

“Wealth management is a relationship-driven business, in which the proper alignment of incentives and support for the wealth advisor is paramount,” said Copeland.

This is a strategy which AMG was already pursuing, but the formal launch of a dedicated business will extend this initiative, according to the firm.  

As well as investing in boutique firms, AMG Wealth Partners will provide its associates with support services and access to investment strategies from AMG’s investment affiliates.

As of 31 March 2011, the aggregate assets under management of AMG’s affiliates were approximately $340 billion.