Private investment firm First Asset Management Inc. has been sold to U.S.-based Affiliated Managers Group Inc. for $306 million, including assumption of debt.

First Asset said today that AMG agreed to acquire 100% of the company, including its interests in Foyston, Gordon & Payne Inc.; Beutel, Goodman & Co.; Montrusco Bolton Investments Inc.; Deans Knight Capital Management Ltd.; Triax Capital Corp.; Covington Capital Corp.; and First Asset Advisory Services Inc.

First Asset said AMG will pay 90% of the purchase price in cash and the rest in AMG common stock.

The transaction is expected to close early in the third quarter.

“This is a very exciting day for First Asset,” Michael Simonetta, president and chief executive officer of First Asset, said in a news release.

“AMG is a strong company whose strategy and operating philosophy are parallel to ours, with a partnership approach that preserves and enhances its Affiliates’ incentives for continued growth through retained direct equity ownership, while maintaining each firm’s distinct culture and operating autonomy.”

First Asset is among Canada’s largest independent asset management firms, with more than $29 billion in managed assets.

Boston-based AMG holds an interest in a diverse group of mid-sized investment firms that collectively manage more than US$130 billion in assets.