Artemis majority owner acquires Veritas AM

Affiliated Managers Group (AMG), best known in the UK for its 60% stake in Artemis, has acquired a majority holding in Veritas Asset Management.

Veritas manages around £10bn for institutional and retail investors, most notably via the £2.8bn Global Equity Income fund managed by Charles Richardson (pictured) and Andrew Headley. It is understood the four Veritas partners - Richardson and Headley along with head of Asia Ezra Sun and COO Richard Grant - are to commit to a minimum of ten years at the firm, as well as reinvesting the majority of the proceeds from the sale into their funds. Veritas' investment processes and team will remain separate to AMG, with the new parent not taking a position on its board. A source said ther...