AMG postpones transaction

Affiliated Managers Group Inc., a diversified asset management company headquartered in Beverly, said today that the firm and Harding Loevner LLC have agreed to restructure and postpone a previously announced transaction "in light of market conditions."

Affiliated Managers, which is known as AMG, said in July that it had agreed to acquire a majority equity interest in Harding Loevner, an investment manager based in New Jersey; the firm specializes in global growth equities and then had about $6 billion in assets under management. The firms' July press release did not disclose the dollar amount of AMG's proposed investment to acquire a roughly 60 percent interest in Harding Loevner.

The two firms said today that their amended agreement provides the option for the transaction to be completed during the second half of 2009 on terms consistent with the original agreement, including preserving the management partners' substantial equity ownership in the firm and operating autonomy.

To read the press release, the firms issued today, please click here. To read the press release that the firms released in July, please click here.
(By Chris Reidy, Globe staff)