Anchor Capital Advisors, part of Boston Private Financial Holdings in the US, has agreed to hire Michael Pierre of Moody Aldrich Partners as senior vice president and portfolio manager - a move representing $505 million in assets under management whereby Anchor will also acquire Pierre’s client accounts.  

At Anchor, Pierre will manage Anchor’s Focused Value strategy and serve as a member of the firm’s investment committee. 

Pierre is currently the portfolio manager for Moody Aldrich’s Focused Value product, a long-only domestic all-cap equity strategy which he founded over 13 years ago. Focused Value will be available to all Anchor clients upon completion of the transaction, which is expected to be in the final quarter of 2012.

Anchor Capital Advisors provides discretionary investment advisory services to high net worth individuals and families, charitable organisations, endowments and foundations, and corporate and union pension and profit-sharing plans.

The firm had $6.3 billion in assets under management as of 30 June. It is a majority-owned subsidiary of Boston Private Financial Holdings.