AMG - AMG partners with Parnassus Investments to accelerate ESG investing

Blue Planet Studio/iStock via Getty ImagesShares of Affiliated Managers Group (AMG) rise 5.8% after agreeing to acquire a majority equity interest in Parnassus Investments, an environmental, social, and governance-focused asset manager.After the closing of the transaction, Parnassus partners will continue to own a substantial portion of the equity of the firm and direct its day-to-day operations consistent with AMG's partnership approach to preserve the operating and investment independence of AMG affiliates.AMG expects the Parnassus investment will contribute ~$70M to adjusted EBITDA and $1.30 to economic earnings per share in 2022. The transaction will be funded with existing corporate resources.The investment will bring AMG's ESG-dedicated AUM to ~$80B, and assets under management incorporating ESG factors into the investment process to ~$600B."As our third Affiliate wholly dedicated to responsible and impact investing, AMG's partnership with Parnassus further enhances our strategic participation in ESG investing," says Jay Horgen, president and CEO of AMG.Parnassus's investment process

For further details see:

AMG partners with Parnassus Investments to accelerate ESG investing