Investment manager First Sentier Investors (FSI) has entered a strategic partnership with European credit manager AlbaCore Capital Group.
In a media release on Tuesday morning, FSI chief executive Mark Steinberg said that the strategic partnership is aligned with FSI’s corporate strategy to accelerate growth by diversifying the range of investment capabilities it can offer clients and expanding its global footprint.
AlbaCore has capabilities spanning various parts of the corporate credit spectrum, including private credit, CLOs, liquid credit, and structured credit in Europe. Since its inception in 2016, it has grown to $14.2 billion in assets under management with long-standing relationships with public and private pension funds, sovereign wealth funds, insurance, and endowment and high net worth clients.
AlbaCore’s broad product offerings enable FSI to offer clients new asset classes and structures and unlock new channels, regions, and products to meet growing investor demand in the sector.
The senior team at AlbaCore will maintain a minority ownership stake in the business and will continue to invest capital into funds.
AlbaCore will continue operating with investment and business autonomy without changing its teams, office locations, or brand. At the same time, FSI and AlbaCore will work together on areas to accelerate their respective strategic plans and longer-term growth trajectory while leveraging their joint expertise.
Completion of the strategic partnership is targeted for Q3 2023, pending regulatory approvals.
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