Boston-based global asset management firm Affiliated Managers Group has acquired a majority equity interest in Veritas Asset Management.

Boston-based global asset management firm Affiliated Managers Group has acquired a majority equity interest in Veritas Asset Management.

Following the deal, the management partners of London-based Veritas will continue to hold a substantial portion of the equity of the business and direct its day-to-day operations, AMG said.

As part of the deal, Veritas’ senior professionals have agreed to long-term commitments with the firm. The terms of the transaction were not disclosed.

AMG is a global asset management company with equity investments in boutique investment firms and had assets under management of £594 billion ($999.4 billion) as at 31 March, 2014.

Founded in 2003, Veritas is an independent global and Asian equity manager with offices in London and Hong Kong, managing £10 billion in assets.

Veritas is led by four partners: chairman Charles Richardson; head of global Andy Headley; head of Asia Ezra Sun; and chief operating officer Richard Grant.

Earlier this month, AMG completed its investment in SouthernSun Asset Management, following on from a number of related announcements in recent weeks. This January, for example, AMG announced a number of strategic initiatives as part of its increased focus on the US retail market. The same month, Aviva Investors decided to sell its US equity manager River Road Asset Management to the firm. AMG is also in the process of acquiring an equity interest in EIG Global Energy Partners.