Hedge Funds

AQR valued at $1bn in AMG minority purchase


Affiliated Managers Group, the publicly traded Massachusetts financial holding company, is understood to have paid $250 million for around 25% of the $12 billion Connecticut-based quant shop AQR Capital, a similar valuation to that put on Highbridge by JPMorgan just weeks earlier.

If anything, the deal looks as if AMG has paid a little less than JPMorgan as the six-year-old AQR has greater assets than Highbridge. This difference, however, is largely explained by the fact that $5 billion of AQR's assets are long only and that AMG is buying a minority stake while JPMorgan bought control of Highbridge.

About two-thirds