Boston-based money manager Congress Asset Management has entered into an agreement to acquire the investment management business of Century Capital Management.
Century, a registered investment advisor also based in Boston, provides investment management services to institutions and individuals through two mutual funds – Century Shares Trust, a large cap growth fund, and Century Small Cap Select Fund, a small cap growth fund – and individually managed separate accounts.
Century has approximately $670 million in assets under management.
This acquisition would increase Congress' size and bring complementary and value-added additions to its equity strategies. Congress, which has more than $8 billion in assets under advisement, specializes in diversified portfolios for institutions and high-net-worth individuals encompassing both equity and fixed income securities.
According to Daniel Lagan, chief executive officer and chief investment officer of Congress, the deal provides Congress with "greater economies of scale and helps position the firm for future growth in a challenging environment for active managers."
"We were attracted to the strength and diversity of Century's investment products," Lagan said in a statement. "However, we are also very excited to work with Century's investment team, which shares our deep commitment to researching high-quality companies."
