Highbury Financial will acquire the mutual fund unit of ABN AMRO, reportedly for $38.6 million. The unit’s 19 mutual funds, with $5.5 billion in assets, will be renamed the Aston Funds.

“We are very pleased our stockholders have approved the acquisition,” said Highbury President and CEO Richard S. Foote. “The consummation of this transaction, which we expect to occur on Nov. 30, establishes Highbury as an investment management holding company for which the ABN AMRO Funds, to be renamed the Aston Funds, is a platform for internal growth and add-on acquisitions.”

Highbury was formed in July of last year and went public this past January.

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