Affiliated Managers Group, a Boston asset management company, and AQR Capital Management have announced that AMG has bought an equity interest in AQR's business.

The latter's management team owns the remaining equity and is to retain operating autonomy for managing the business.

AQR is a quantitative investment management firm and hedge fund manager, with about $12 billion of assets under management, including more than $6.5 billion in hedge funds. Based in Greenwich, Conn., it offers quantitatively managed hedge funds and long-only international equity products in collective investment vehicles and separate accounts for more than 500 institutional and high-net-worth clients.

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