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Alternative Market Briefing

Assured Guaranty picks up AMG's stake in BlueMountain Capital Management

Friday, August 09, 2019

Bailey McCann, Opalesque New York:

Assured Guaranty has acquired a majority interest BlueMountain Capital Management from Affiliated Managers Group for approximately $160 million. Assured Guaranty will contribute $60 million in working capital to BlueMountain at closing and intends to provide an additional $30 million of working capital within a year of closing. Assured Guaranty also expects to allocate $500 million of its financial guaranty subsidiaries' portfolios to the asset management platform's funds, CLOs and separately managed accounts over a three-year period.

BlueMountain is an alternative asset management firm with $19.3 billion in assets under management (AUM). BlueMountain manages assets across collateralized loan obligations (CLOs); long-duration opportunity funds that build on the firm's corporate credit, asset-backed finance, infrastructure and healthcare experience; and four relative value hedge funds. BlueMountain is the 16th largest global CLO manager by AUM.

As part of the agreement, BlueMountain's co-founder, Chief Executive Officer and Chief Investment Officer, Andrew Feldstein, intends to join Assured Guaranty as Chief Investment Officer and Head of Asset Management, which will include his current roles at BlueMountain.

The sale comes as BlueMoutain has struggled to perform, assets under management have shrunk from the firm's $23 billion peak. BlueMountain has also seen the departure of seasoned staffers and recently shut down two s......................

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