By offering a lot of autonomy — and leaving a little bit of equity on the table — here’s how Affiliated Managers Group found the key to successful acquisitions.

Since its founding in 1993, Affiliated Managers Group has carved out an enviable niche in the financial-services industry by following one simple yet effective mantra: Leave well enough alone.

Under the direction of founder William Nutt, a mutual-fund pro and former president of the Boston Company, the Prides Crossing, Massachusetts–based Affiliated Managers has become a premier investment-management holding company by snapping up stakes in boutique asset-management shops, letting the original investment teams preserve their autonomy — and their indigenous culture — along the way.

Fifteen years down the road, Nutt’s formula has paid off handsomely. The voracious consolidator has racked up controlling interests in 27 companies (and made one divestiture) so far.

“Very few firms meet AMG and don’t want to be part of it,” says D.J. Neiman, a research analyst with William Blair & Co. “They’re very respected within the industry, and they provide a value proposition and service that can’t easily be replicated.”

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