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Komfie Manalo, Opalesque Asia:

Asset manager Blackstone Group said that its fund management unit Blackstone Tactical Opportunities and TPG Special Situations Partners have agreed to acquire Kensington, the specialty UK residential mortgage lender, from Investec plc.

In a statement, Blackstone and TSSP said they intend to develop Kensington’s mortgage lending business and broader specialty finance capabilities, and are appointing Ian Henderson as Group Chief Executive to lead that strategy. He was previously Chief Executive of Shawbrook, the leading specialist bank. Keith Street will continue to lead the Kensington mortgage business.

David Blitzer, head of Blackstone Tactical Opportunities, commented, "Kensington presents an exciting opportunity to back a high quality management team and to invest in the UK mortgage market. Kensington is a best-in-class specialist lender with an established track record in the UK and strong customer relationships. We will invest in growing the business in the mortgage space as well as extending the range of its activities in specialty finance."

Michael Muscolino, of TSSP, added, "Our investment in Kensington provides a unique opportunity to acquire a portfolio of scale and a platform to originate new mortgages. We look forward to working with......................

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