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Laxman Pai, Opalesque Asia: The global investment management organization Franklin Templeton and The Bank of New York Mellon Corporation has agreed to buy Alcentra, one of Europe's largest credit managers, from BNY Mellon in a European credit push.
The acquisition will increase Franklin's alternative assets under management to $257 billion. The deal will also double assets under management by Franklin Templeton's US alternative credit specialist manager, Benefit Street Partners, to $77bn (€72bn) globally.
Alcentra, the European credit, and private debt manager has $38 billion in assets and specializes in private and structured credit special situations and multi-strategy credit strategies.
Jenny Johnson, president, and CEO of Franklin Templeton said the acquisition of Alcentra was an important aspect of its alternative asset strategy, namely the expansion into alternative European credit.
"Alternative investments represent a significant diversification tool for our clients and an area of increasing importance for both individual and institutional investors. This acquisition expands our long-standing relationship with BNY Mellon, and we are pleased that the structure of the transaction achieves objectives for both Franklin Templeton and BNY Mellon in the context of current market conditions," Jenny added.
The transaction is expected to be completed early in the first calendar quarter of 2023, subject to customary closing conditions, including certain regulato...................... To view our full article Click here
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