Affiliated Managers Group, Inc. (AMG) inked a deal to acquire a majority equity stake in Parnassus Investments, the largest pure-play ESG-dedicated fund manager in the U.S. Shares of AMG popped 6.9% to close at $166.80 on July 6. AMG acts as a partner to independent, active investment management firms globally. As of March 31, 2021, AMG’s assets under management were approximately $738 billion. (See Affiliated Managers Group stock chart on TipRanks) The partnership with Parnassus will bring AMG’s ESG dedicated AUM to approximately $80 billion, and AUM incorporating ESG factors into the investment process to approximately $600 billion.
https://www.tipranks.com/news/amg-to-acquire-majority-stake-in-parnassus-shares-pop-7
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