AMG Affiliate, Renaissance Investment Management, Completes Merger With Bowling Portfolio Management.Business/Technology Editors BOSTON--(BUSINESS WIRE)--June 29, 2001 Affiliated Managers Group, Inc. (NYSE NYSE See: New York Stock Exchange : AMG AMG All Music Guide (music website) AMG All Media Guide (group of media websites) AMG All Movie Guide (Movie website) AMG Arzneimittelgesetz (German Law) ) announced today that its Affiliate, Renaissance Investment Management ("Renaissance"), and Bowling Portfolio Management, Inc. ("Bowling") have completed their previously announced merger. AMG structured and financed the transaction, and will own a majority of the combined firm. Renaissance and Bowling, both based in Cincinnati, will collectively manage assets of approximately $1.1 billion. Together they will share administrative, marketing, client service and technological resources, but the investment teams and processes will remain unchanged and independent. Bowling will continue to invest in large-cap Large-cap A stock with a high level of capitalization, usually at least $5 billion market value. large-cap 1. Of or relating to the common stock of a big corporation that has considerable retained earnings and a large amount of value equities and Renaissance will continue its focus upon growth equity and tactical asset allocation Tactical Asset Allocation (TAA) Portfolio strategy that allows active departures from the normal asset mix according to specified objective measures of value. Often called active management. It involves forecasting asset returns, volatilities, and correlations. strategies, thereby enabling the combined firm to offer a diverse, and complementary, group of products to institutional clients and high net worth individuals. AMG is an asset management company that addresses the succession and transition issues facing the principals of growing mid-sized investment management firms. AMG's strategy is to generate growth through the internal growth of its existing Affiliates, as well as through investments in new Affiliates. AMG's innovative transaction structure allows individual members of each Affiliate's management team to retain or receive significant direct ownership in their firm while maintaining operating autonomy. In addition, AMG provides centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. assistance to its Affiliates in strategic matters, marketing, distribution, product development and operations. AMG's affiliated investment management firms managed approximately $70 billion in assets at March 31, 2001. Certain matters discussed in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay , competition for acquisitions of interests in investment management firms, the investment performance of our Affiliates and their ability to effectively market their investment strategies, and other risks detailed from time to time in AMG's filings with the Securities and Exchange Commission. Reference is hereby made to the "Cautionary Statements" set forth in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2000. For more information on Affiliated Managers Group, Inc., please visit AMG's Web site at www.amg.com. |
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