2023-03-20 11:43:59 ET
First Sentier Investors (FSI), an investment manager that's part of Mitsubishi UFJ Finanical Group ( MUFG ), will acquire a majority stake in European specialist credit investor AlbaCore Capital Group, allowing it to expand its range of credit investment products, the companies said Monday.
Terms of the deal weren't disclosed.
"We identified alternative credit as a strategically important space for us to consider and we felt that AlbaCore's unique position in the European market, its growth trajectory and strong investment performance would be complementary to our existing capabilities," said Mark Steinberg, CEO of FSI.
London-based AlbaCore, which also has a presence in Dublin, has capabilities in a range of corporate credit, including collateralized loan obligations ((CLOs)), private credit, liquid credit, and structured credit in Europe. Since its start in 2016, the firm has grown to $9.5B in assets under management.
AlbaCore's product offerings will enble FSI to offer new asset classes and structures to clients, as well as open up new channels and regions.
The senior team at AlbaCore will maintain a minority ownership stake in the business and continue to invest capital into funds. The firm will continue to operate with investment and business autonomy with no change to its teams, office locations or brand.
Completion of the partnership is expected to occur in Q3 2023.
After the sale of Mitsubishi UFJ Financial's ( MUFG ) Union Bank to U.S. Bancorp ( USB ), the company was reported to be considering pursuing acquisitions and repurchasing more common stock.
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Mitsubishi UFJ Financial unit to invest in specialist credit investor AlbaCore