Anchor Capital Advisors has agreed to hire Michael Pierre of Moody Aldrich Partners as senior vice president and portfolio manager - a move representing $505 million in assets under management whereby Anchor will also acquire Pierreís client accounts.
At Anchor, Pierre will manage Anchorís Focused Value strategy and serve as a member of the firmís investment committee.
Pierre is currently the portfolio manager for Moody Aldrichís Focused Value product, a long-only domestic all-cap equity strategy which he founded over 13 years ago. Focused Value will be available to all Anchor clients upon completion of the transaction, which is expected to be in the final quarter of 2012.
Anchor Capital Advisors provides discretionary investment advisory services to high net worth individuals and families, charitable organizations, endowments and foundations, and corporate and union pension and profit-sharing plans.
The firm had $6.3 billion in AuM as of June 30. It is a majority-owned subsidiary of Boston Private Financial Holdings.