Investment manager First Sentier Investors (FSI) has signed a strategic deal to buy a majority stake in AlbaCore Capital Group, a UK-based credit manager.
Established in 2016, AlbaCore is said to manages more than $9.5bn in assets across liquid strategies, structured products, dislocation funds, among others.
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The firm, which also has an office in Dublin, primarily caters to the public and private pension funds as well as sovereign wealth funds, insurance, high net worth clients and others.
Following completion of the latest deal, AlbaCore’s senior team continue to hold a minority ownership stake in the firm and will make investment in the company for a long-term.
AlbaCore will also retain its investment and business autonomy. Its existing teams, office locations or brand will continue to operate as before.
In addition, FSI will help AlbaCore to improve its distribution and capital raising competences across Asia-Pacific, North America as well as the Europe, the Middle East and Africa (EMEA) region.
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By GlobalDataThe deal helps FSI to deliver new asset classes and structures to its clients, enhance its global presence, diversifying its investment capabilities, among others.
It is anticipated to be completed by third quarter of this year after receiving regulatory approvals.
AlbaCore managing partner and chief investment officer David Allen said: “When we started to engage with FSI, it was clear there was strong cultural alignment between both businesses which will be critical to the success of our partnership.”
Allen added: “We see this partnership as enhancing AlbaCore’s growth prospects including extending market access to our expertise, deepening our product offering, and working with FSI’s Responsible Investment team on our approach and articulation around responsible investment.”
