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January 21, 2022

KKR among suitors vying for BNY Mellon’s Alcentra

Investment firm KKR is among those looking to buy Alcentra, the credit investment unit of Bank of New York Mellon (BNY Mellon), Bloomberg reported citing sources.

BNY Mellon is holding talks with several potential buyers including the asset management unit of Prudential Financial, the sources told the publication.

Alcentra, with $43bn of assets under management (AUM), has attracted the interests of other private equity investors as well.

The business focuses on alternative credit investments across leveraged finance, private credit and special situations.

CEO Jon DeSimone is leading Alcentra’s team of 180 professionals working globally. The London-based firm is known for its direct lending and collateralised loan obligation businesses.

A final decision is pending and the deliberations may or may not materialise into a deal, the sources added.

Acquiring Alcentra will give alternative asset managers a way to diversify their offerings and attract more investors.

Last year, KKR acquired a stake in California-based wealth advisory firm Beacon Pointe, which manages over $20bn in assets.

Earlier this week, BNY Mellon reported its Q4 2021 results.

The firm’s revenue rose 4% to $4bn for the quarter to December 2021 from $3.8bn in Q4 2020, while net income increased 15% year-on-year to $869m.

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