Affiliated Managers Group, the US-based asset management firm, has expanded its high net worth coverage in Australia after finalising its investment in Yacktman Asset Management.

Yacktman specialises in large-cap equities, managed accounts and sub-advisory mandates for institutional investors and high net worth individuals. To-date, it has some $17 billion in assets under management. Financial terms of the transaction were not disclosed.

Affiliated Managers Group first announced plans to acquire a majority equity interest in the Australian firm in April 2012. As part of the deal, all senior professionals at Yacktman Asset Management agreed to long-term commitments with the firm. Yacktman's two mutual funds, the Yacktman Fund and The Yacktman Focused Fund, will also be part of the AMG's family of funds. 

AMG and its affiliates record around $392 billion in aggregate assets under management as of 31 March 2012.