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Laxman Pai, Opalesque Asia: Moving further into alternative investments, California-based Franklin Templeton Investments has acquired $26 billion alternative credit manager Benefit Street Partners (BSP).
"The acquisition will bolster our alternative offerings and expand our fixed income capabilities to include an array of alternative credit strategies, at a time when investors are increasingly allocating capital to less liquid and higher yielding credit opportunities," the global investment management organization said in a press release.
The release quoted Greg Johnson, chairman and CEO of Franklin Templeton as saying: "BSP's differentiated approach to investing within the alternative credit space has resulted in a thriving business over the course of the last decade. The percentage of institutional investors expected to allocate to alternative credit for the long term is substantial, and this acquisition positions us well in a growing market."
Greg added: "We are confident that BSP's experience and capabilities, combined with Franklin Templeton's global scale and extensive resources in more liquid credit investing, will enhance origination capabilities and increase our breadth and depth of expertise across the leveraged finance market."
Established in 2008, BSP is based in New York, with five additional offices across the US. BSP offers a broad spectrum of investment capabilities to its investors, covering corporate performing and distresse...................... To view our full article Click here
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