By Maria Armental
Affiliated Managers Group Inc. (AMG) will replace Forest
Laboratories Inc. (FRX) in the Standard & Poor's 500-stock
index after the market closes June 30, said S&P, a unit of
McGraw-Hill Cos. (MHFI).
The move means mutual funds that track the widely watched
S&P 500 index will have to add Affiliated Managers to their
holdings.
The company's shares, down 7% so far this year through Tuesday's
close, rose more than 3% in after-hours trading to $208.15.
Forest Labs is being bought by Dublin-based Actavis PLC (ACT)
for about $25 billion in a deal expected to close midyear.
The Boston investment firm, whose chief executive is former
Goldman Sachs Group Inc. deal maker Sean M. Healey, buys pieces of
traditional asset managers and minority investments in alternative
firms, such as hedge-fund and private-equity shops.
The investment firm, which has a market capitalization of about
$11 billion, is nearing a deal to buy a stake in hedge-fund company
D.E. Shaw Group for more than $500 million from the estate of
Lehman Brothers Holdings Inc., The Wall Street Journal reported
this month.
Write to Maria Armental at maria.armental@wsj.com
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