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

Cairn Capital, Bybrook Capital
London-based alternative credit firm Cairn Capital Group, supported by Italy’s Mediobanca, has agreed to acquire Bybrook Capital, which is a specialist distressed credit manager in London.

At a time when the global pandemic and associated lockdowns have wrought havoc in parts of the economy, the distressed debt field is likely to remain a busy one. 

Bybrook, established in 2014, is focused on absolute value stressed/distressed debt and special situations in Europe, overseeing about $2.5 billion for major international institutional investors. 

Mediobanca stays as a majority shareholder, holding about 64 per cent of the business; the remaining 36 per cent will be held by former Bybrook shareholders and Cairn Capital minority shareholders, Cairn Capital said in a statement yesterday. 

Cairn said that its Bybrook transaction “fulfils the ambition to create a leading diversified alternative credit manager” with around $8 billion in assets under management across public, private, performing and distressed investment opportunities. 

The transaction is subject to the customary conditions, including approval from the relevant regulatory authorities, and is expected to close in the second quarter of 2021. The financial terms were not disclosed.