Jay Horgen and his team are betting on a growth equity mutual fund firm.

Jay C. Horgen Affiliated Managers Group President, CEO

On Friday, Horen, president and CEO of AMG, confirmed that the West Palm Beach, Florida-based firm recently bought a minority stake in San Francisco-based Jackson Square. AMG bought the stake held by Macquarie Investment Management, and Jackson Square's own partners will still own a majority of their firm.

The pricing and terms of the deal were not disclosed.

Jackson Square launched in 2014, though its original team spent more than 20 years together prior to that. The firm now has about $24 billion in AUM. Its leadership team includes: Kevin Brown, managing partner; Debbie Sabo, head of trading; Van Tran, chief financial officer; and Jeff Van Harte, chairman and chief investment officer.

Horgen notes that the AMG team has known the core Jackson Square team for more than 15 years. He lauds them for having an "investment-centric culture and focus on concentrated strategies."

Van Harte, for his part, puts the AMG deal in the context of the Jackson Square team's "entrepreneurial culture of debate and collaboration." 

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