Alcentra to Take on Collateralised Loan Business of Rabobank
July 31 2009 - 8:27AM
PR Newswire (US)
Addition Enhances US Market Presence of BNY Mellon Asset Management
Boutique LONDON and NEW YORK, July 31 /PRNewswire-FirstCall/ --
Alcentra*, a specialist asset manager focused on the sub-investment
grade debt markets and part of BNY Mellon Asset Management, has
announced that Alcentra NY, LLC, has entered into a definitive
agreement to take on the Collateralized Loan Obligation (CLO)
business of Rabobank Nederland, New York branch. The business
consists of four cash flow CLOs and two Synthetic CDOs, issued
under the Prospero, Veritas and Archstone names. The transaction,
which closed on 30 July 2009, will add approximately $1.53bn to
Alcentra's AUM, taking its global total to more than $18bn across
41 separate funds. Following the transaction, Ron Grobeck
(Portfolio Manager) and two analysts will transfer from Rabobank to
Alcentra's New York team and report to Paul Hatfield, CIO and Head
of US Operations for Alcentra. Commenting on the transaction, Paul
Hatfield said: "With our large and stable platform we are ideally
positioned to take advantage of opportunities arising from the
dislocation among smaller loan managers. The Rabobank funds are an
excellent addition to Alcentra's US business and will enhance our
market presence. This transaction firmly positions Alcentra as a
leading consolidator in the US CLO market, as well as strengthening
our front office team." David Forbes-Nixon, Chairman and CEO of
Alcentra, added: "Alcentra is the leading institutional loan
investor in Europe and this transaction increases our US assets
under management to over $5bn. We are now one of the top CLO
managers globally, with 32 CLOs under management, and we will
continue to expand the platform in Europe and the US, organically
and through acquisition, as well as diversifying our product
offering across other sub-investment grade instruments such as
mezzanine, high yield and distressed debt where we see significant
opportunities." Separately, Alcentra will also be taking on the
management of three of the BNY Mellon Capital Markets CLO funds,
One Wall Street 1 & 2, plus the US Bank Loan Fund, subject to
investor consents. Notes to Editors: Alcentra's asset management
and investment activities are focused on the sub-investment grade
debt markets, with offices in London and New York. The group has 53
professionals and over $18 billion assets under management globally
across 41 investment funds. Alcentra is 91% owned by The Bank of
New York Mellon Corporation with 9% owned by Alcentra's management
team and employees. Additional information is available at
alcentra.com. BNY Mellon Asset Management is the umbrella
organisation for The Bank of New York Mellon Corporation's
affiliated investment management firms and global distribution
companies. The Bank of New York Mellon Corporation is a global
financial services company focused on helping clients manage and
service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of
financial services for institutions, corporations and
high-net-worth individuals, providing superior asset management and
wealth management, asset servicing, issuer services, clearing
services and treasury services through a worldwide client-focused
team. It has $20.7 trillion in assets under custody and
administration, $926 billion in assets under management, services
$11.8 trillion in outstanding debt and processes global payments
averaging $1.8 trillion per day. Additional information is
available at http://www.bnymellon.com/. *'Alcentra' refers to the
following affiliated companies: Alcentra Limited and Alcentra NY,
LLC. Assets under management include assets managed by both
companies. Only Alcentra NY, LLC, offers services in the US. All
information source BNY Mellon Asset Management as at 30/06/09. This
press release is qualified for issuance in the UK and US and is for
information purposes only. It does not constitute an offer or
solicitation of securities or investment services or an endorsement
thereof in any jurisdiction or in any circumstance in which such
offer or solicitation is unlawful or not authorised. This press
release is issued by BNY Mellon Asset Management (US) and BNY
Mellon Asset Management International Limited (ex-US) to members of
the financial press and media and the information contained herein
should not be construed as investment advice. Past performance is
not a guide to future performance. Registered office of BNY Mellon
Asset Management International: The Bank of New York Mellon Centre,
160 Queen Victoria Street, London, EC4V 4LA. Registered in England
no. 1118580. Authorised and regulated by the Financial Services
Authority A Bank of New York Mellon Company(SM) DATASOURCE: The
Bank of New York Mellon Corporation CONTACT: Jamie Brookes, +44 (0)
20-7163-2146, , or Mike Dunn, +1-212-922-7859, , both of The Bank
of New York Mellon Corporation Web Site: http://www.bnymellon.com/
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