Stamford, Conn.-based Atlantic, which is an independent firm, specializes in fixed income, asset allocation and alternative equity investment strategies. The deal is expected to close in June.
Putnam will acquire a "significant minority position," while the management of Atlantic will maintain the majority ownership. Atlantic and its affiliates, which employ 54 people and manage $9 billion in a variety of fixed-income and specialized investment strategies, have generated annual growth of assets under management of about 25% over the last five years.
Since 2000, Putnam Lovell NBF Private Equity has invested in six asset management and related businesses. These portfolio companies invest $20 billion of assets for institutional, high-net-worth and retail clients.