New York, NY, United States (4E) – Affiliated Managers Group Inc. will join the Standard & Poor’s 500 stock index, replacing Forest Laboratories Inc., after the end of trading on June 30, according to the S&P.
The change means mutual funds tracking the closely monitored S&P 500 index will have to adjust their holding by adding Affiliated Managers.
This year, the company’s stock has been down 7 percent so far, but climbed more than 3 percent in after-hours trading following the announcement.
The company replaces Forest Laboratories Inc., which is being bought by Dublin-based Actavis PLC in a $25bn deal expected to be finalized by the end of the month.
The Boston-based investment firm acquires pieces of traditional asset managers and minority investments in alternative companies, including private-equity and hedge-fund shops.
The investment firm, whose CEO is former Goldman Sachs deal maker Sean M. Healey, has a market capitalization of around $11bn. It is close in completing a deal to purchase a stake in hedge-fund firm D.E. Shaw Group for over $500mn from the estate of Lehman Brothers, according to a report by The Wall Street Journal.