There's nothing quite like the feeling of coming out from under a guardian's wing.

San Francisco's Ashfield Capital Partners is experiencing that firsthand, now that they've completed a deal to purchase its existing business from Old Mutual Asset Management.

The deal, which was announced in October, effectively makes Ashfield an independent, employee-owned investment firm.

"With the close of this transaction, our firm is now employee owned," said Stephen Lauck, Ashfield's president and chief executive officer, in a press release. "We want to thank Old Mutual for its tremendous support throughout the years and we look forward to their continued interest as we implement our growth plans as an independent firm."

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