Affiliated Managers Group (AMG), the listed US asset management holding company whose affiliates manage more than $90bn, has made its first foray into emerging markets by acquiring a 60% equity stake in Genesis, a specialist fund manager with $7bn in assets, for an undisclosed sum.

Genesis staff will retain a 40% share of the business, in line with AMG's policy of giving equity participation to its fund managers. The firm's 10 senior principals have signed long-term agreements to remain at Genesis.