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Laxman Pai, Opalesque Asia: First Sentier Investors (FSI), an Australian asset manager owned by Mitsubishi UFJ Financial Group, has acquired a majority stake in European credit manager AlbaCore Capital Group.
According to a press release from the trust banking arm, Mitsubishi UFJ Trust and Banking Corp, it would buy 75% of AlbaCore through its Australian unit First Sentier Investors by September this year.
It also gets an option to buy the remaining 25% held by AlbaCore's management, according to sources. Terms of the deal, expected to close by the third quarter of 2023, weren't disclosed. Mitsubishi UFJ also declined to comment on the size of the deal, while the Nikkei business daily reported it could total up to about 100 billion yen ($760 million).
AlbaCore Capital has $9.5 billion in assets under management with strengths in private credit, collateralized loan obligations, and structured credit in Europe.
As part of FSI's multi-boutique approach, AlbaCore will continue to operate with complete investment and business autonomy with no change to its teams, office locations, or brand. The current leadership team will run the business day-to-day, with one reporting line from Managing Partner and Chief Investment Officer David Allen to FSI's Chief Executive Officer Mark Steinberg.
As per the release, FSI is a provider of active specialist investment capabilities, managing US$146.2 billion in assets for wholesale and institutional investors. Headquar...................... To view our full article Click here
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