Upon completion of the transaction – the terms of which remain undisclosed - Veritable’s management and employees will hold a “significant equity interest in the business” and continue to direct its daily operations, the firm said.

“Over the next decade, the wealth management industry will benefit from favourable demographic trends, which will result in a significant increase in the number of high net worth individuals and drive growing demand for institutional-quality wealth advisory firms,” said Sean Healey, AMG’s chairman and CEO.

Veritable, established in 1986 by chief executive Michael Stopler, manages over $10 billion for nearly 200 UHNW clients. The firm is based in Newtown Square, PA, with 84 members of staff, including 36 investment advisory and 12 research professionals.

AMG Wealth Partners’ affiliates had $388 billion in assets under management (as at 31 December 2011), dispersed across over 350 investment products. The firm’s strategy is to generate capital via the internal growth of both existing and new affiliates.