The partners of Veritas Asset Management, the £10 billion funds boutique set up by Charles Richardson and Stuart Newton in 2003, have sold a majority stake in the business to US giant Affiliated Managers Group.

AMG has acquired the company for an undisclosed amount, with commitments from its four executive partners to stay with the firm for a minimum of 10 years, according to a spokesman. The partners have also agreed to reinvest a majority of the proceeds of the sale in the funds they run for clients.