AMG acquires stake in Newtown Square's Veritable

A Massachusetts asset management firm has agreed to acquire an equity interest in Veritable L.P., a Newtown Square-based firm that manages more than $10 billion for about 200 wealthy families.

While terms of the transaction were not disclosed, AMG Wealth Partners L.P. said that Veritable’s management and 84 employees, led by founder and chief executive officer Michael Stolper will retain “significant equity interest” and remain in place of day-to-day operations.

AMG Wealth is a subsidiary of the publicly traded Affiliated Managers Group Inc., which has assets under management of about $338 billion.