Amvescap, the Anglo-US asset manager, is buying Stein Roe Investment Councel (SRIC) from its senior management and Putnam Lovell Capital Partners, the private equity firm, for $117.5m (€99m) in cash and shares.

The offer comprises 60% cash and 40% in Amvescap ordinary shares, plus additional payments of $43m which are contigent upon meeting certain client retention and revenue goals.