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MILAN (Reuters) - Mediobanca has expanded its wealth management division with the acquisition of London-based distressed credit specialist Bybrook Capital via its local business Cairn Capital.
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Cairn Capital will buy and merge with Bybrook to create a leading diversified alternative credit manager with around $8 billion in assets under management, the Italian bank said on Tuesday.
Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority investors.
No other financial details were provided.
Backed since its creation in 2014 by the world’s largest manager of alternative assets Blackstone Group, Bybrook focuses on stressed and distressed debt and special situations in Europe and currently manages around $2.5 billion on behalf of top tier international institutional investors.
Aims to pick Mustier’s successor by Feb. 10 Orcel, Gallia strong contenders but issues remain Mediobanca CEO fits profile but unavailable
By Valentina Za, Gianluca Semeraro and Claudia Cristoferi
MILAN, Jan 18 (Reuters) - UniCredit is narrowing down a field of candidates to replace departing Chief Executive Jean Pierre Mustier, three people familiar with the matter said, as Italy’s second biggest bank tries to find a new boss by early February.
The French banker said on Nov. 30 he would step down by mid-April due to disagreements with the board over strategy.
Mustier had been discussing with Rome a potential takeover of state-owned Monte dei Paschi. He prioritised returning cash to shareholders over M&A and had set strict terms to consider an acquisition.
Aims to pick Mustier’s successor by Feb. 10 Orcel, Gallia strong contenders but issues remain Mediobanca CEO fits profile but unavailable
By Valentina Za, Gianluca Semeraro and Claudia Cristoferi
MILAN, Jan 18 (Reuters) - UniCredit is narrowing down a field of candidates to replace departing Chief Executive Jean Pierre Mustier, three people familiar with the matter said, as Italy’s second biggest bank tries to find a new boss by early February.
The French banker said on Nov. 30 he would step down by mid-April due to disagreements with the board over strategy.
Mustier had been discussing with Rome a potential takeover of state-owned Monte dei Paschi. He prioritised returning cash to shareholders over M&A and had set strict terms to consider an acquisition.
Mediobanca Wants to Remain Exclusive Club Amid M&A Spree bloomberg.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bloomberg.com Daily Mail and Mail on Sunday newspapers.