The Bank of New York is to acquire 80 per cent ownership in Alcentra Group, a London-based asset management group. Alcentra focuses on funds...

The Bank of New York is to acquire 80 per cent ownership in Alcentra Group, a London-based asset management group. Alcentra focuses on funds which invest in sub-investment grade debt. Terms of the transaction were not disclosed. Alcentra has operations in London and Los Angeles and currently manages 15 different investment funds with over $6.2 billion of assets under management. "The acquisition of Alcentra will further strengthen our position in alternative investments, leveraging the significant success we've had with Ivy Asset Management, our fund of hedge funds manager," said Thomas Renyi, chairman and chief executive officer of The Bank of New York, in a statement. He added: "Sub-investment grade debt fund management and structured credit are highly attractive, fast-growing market segments,and Alcentra has developed a significant profile in these areas." The Alcentra management team, led by founders Stephen Bruce, Christopher Damico and David Forbes-Nixon, will retain a 20 per cent shareholder interest in the company.