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Congress Asset Management to buy Century Capital's investment management biz

Congress Asset Management Co. LLP agreed to acquire the investment management business of Century Capital Management LLC.

Century Capital has about $670 million in assets under management. The registered investment adviser provides investment management services through mutual funds Century Shares Trust and Century Small Cap Select Fund and individually managed separate accounts.

The transaction is expected to close in the third quarter, subject to Century Fund shareholder approval and other closing conditions.

Lanny Thorndike, Century Capital managing partner, Jeffrey Kerrigan, portfolio manager for the Century Small Cap Value Strategy, and Anand Vankawala, a member of the equity research team, will join Congress Asset Management.

Terms of the transaction were not disclosed.

Congress Asset Management has more than $8 billion in assets under advisement.