The firm, which has been majority-owned by AMG since 1997, has been around since 1920 but offers only three low-turnover, value-equity strategies. Each is collegially managed by a seven-member investment committee, allowing multiple inputs while reducing key-person risk. The team has been very stable over the years, with members rarely leaving for any reason other than retirement, and the firm has long been thoughtful about succession planning. Longtime staffer Will Browne stepped down from his leadership positions in January 2021--and several others are in the later stages of their careers--but the firm has promoted four analysts to the investment committee since 2013, helping to foster a seamless transition to the next generation.
There are other positive traits, too. While all funds are currently open to new investors, the firm has a history of closing funds when they become capacity constrained. Manager investment in the funds is also strong.
The firm has many strengths, but its weak spot is high fees. The firm managed $9.3 billion as of March 2023, and yet its offerings are among the most expensive in their respective Morningstar Categories. And unfortunately, fee waivers that have been introduced don't really move the needle.