First Sentier Investors has received all regulatory approvals to form a strategic partnership with boutique European alternative credit manager AlbaCore Capital Group, the asset manager announced.
Mark Steinberg, CEO of First Sentier Investors, said that the completion of the group’s majority investment into a strategic partnership with AlbaCore would diversify the range of investment capabilities it can offer to clients, aligning with the firm’s corporate strategy to accelerate growth.
“This is an exciting and important day for First Sentier Investors, our shareholder Mitsubishi UFJ Trust and Banking Corporation, and our new partner AlbaCore,” he added. “The alternative credit capabilities that AlbaCore brings to the table complements our existing investment capabilities and enables us to unlock new asset classes and structures for our clients.”
Headquartered in London, with a presence in Dublin, AlbaCore has capabilities spanning various parts of the corporate credit spectrum, including private credit, CLOs, liquid credit and structured credit in Europe. The firm will operate with “investment autonomy” with no change to its operations, teams, office locations or brand. The senior team at AlbaCore will maintain a minority ownership stake in the business and will continue to invest capital into funds alongside First Sentier Investors.
Formerly known as First State Investments, First Sentier Investors was acquired in 2019 by Mitsubishi UFJ Financial Group. It still operates as a standalone global investment management business, however, and last month appointed Amanda Gazal as its chief operating officer. She is due to take up the role at the beginning of next year.
Gazal will replace Gary Cotton who, in addition to his responsibilities as regional managing director of EMEA, has been interim COO. She has also been COO of the European emerging market debt trading desk at Credit Suisse in London.