Affiliated Managers Group Inc. (AMG:US) said it is acquiring a minority stake in EIG Global Energy Partners LLC, the asset manager spun off from TCW Group Inc., and William C. Sonneborn was appointed as EIG’s president.
The management of EIG, which specializes in energy and energy-infrastructure investments, will retain a majority equity position, Beverly, Massachusetts-based AMG said today in a statement. AMG also said today it will acquire a stake in value-oriented investor River Road Asset Management, which manages $11 billion. Terms weren’t disclosed in either deal.
Sonneborn, formerly the head of KKR & Co.’s public-markets business and before that at an executive at TCW, will take his post at EIG on May 5. AMG owns a collection of boutique money managers specializing in stocks, hedge funds and private equity. The firm is benefiting from an investor shift into equities and alternative-investment products.
EIG, based in Washington and led by Chief Executive Officer Blair Thomas, spun off from Los Angeles-based TCW in January 2011. It will add $15.9 billion in assets, as of Dec. 31, to the $537 billion already managed by AMG’s affiliates.
“We believe the firm is uniquely placed to capitalize on the increasing investment opportunities in the energy sector and generate strong organic growth,” AMG Chief Executive Officer Sean Healey said in the statement.
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