The latest M&A deals in wealth and asset management.

First Sentier Investors, AlbaCore
First Sentier Investors has entered a strategic partnership with European credit manager, AlbaCore Capital Group, by taking a minority stake. The financial size of the deal was not disclosed.

Based in London and present in Dublin, AlbaCore has capabilities spanning various parts of the corporate credit spectrum including private credit, collateralised loan obligations, liquid credit and structured credit in Europe. Since its inception in 2016, the firm has grown to $9.5 billion in assets under management. Besides institutions, clients include high net worth individuals.

The senior team at AlbaCore is keeping a minority ownership stake in the business and will continues to invest capital into funds.

AlbaCore will still operate with investment and business autonomy with no change to its teams, office locations or brand, FSI said in a statement. 

“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,” Mark Steinberg, CEO of FSI, said. 

FSI managed $146.2 billion in assets (as at 31 December). Formerly known as First State Investments, the firm was acquired by Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, in 2019.