Affiliated Managers Group (AMG), a global asset management company, has invested in Chicago-based Aston Asset Management through the acquisition of Highbury Financial, Aston’s parent company.

In the transaction, Affiliated Managers Group acquired all the outstanding equity of Highbury, and now owns a substantial majority of Highbury’s sole operating subsidiary, Aston. However, Aston’s sub-advisors, management and employees remain unchanged.

Aston offers sub-advised investment products to the mutual fund and managed accounts markets. Aston is the principal advisor to the Aston Funds, a fund family of 24 sub-advised, no-load mutual funds with total net assets of approximately $7.6bn as of March 31, 2010.

Led by Stuart Bilton, chairman and CEO and Kenneth Anderson, president, Aston selects investment managers that follow disciplined investment processes with business standards, while seeking to achieve consistent investment performance.

Aston distributes domestic equity, international, alternatives, sector, balanced and fixed income funds to consultants, registered investment advisors, broker-dealers and defined contribution plans.