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MONEY MANAGEMENT

British Columbia Investment Management acquires majority stake in Hayfin

British Columbia Investment Management Corp. agreed to acquire a majority stake in European credit manager Hayfin Capital Management from a consortium of institutional investors.

BCIMC, which oversees C$122 billion ($91.6 billion) in provincial pension and other assets, will acquire 100% of the shares owned by TowerBrook Capital Partners; the C$116.8 billion Public Sector Pension Investment Board, Montreal; C$77 billion Ontario Municipal Employees Retirement System, Toronto; and the A$127.7 billion ($96.4 billion) Future Fund, Melbourne, Australia. The split of the shareholding could not be learned by press time. The deal is expected to close in the first half of the year.

Hayfin has €8.2 billion ($8.8 billion) in assets under management. The deal, which is subject to regulatory approval, will support Hayfin's long-term growth plans and simplify its ownership structure, said a news release by Hayfin. Management and employees remain substantive shareholders alongside BCIMC. The split could not be learned by press time.

“What won't change under the new ownership arrangements is the independence of Hayfin's experienced team of credit investment professionals, or our commitment to delivering high-quality returns for the third-party investors whose capital we manage,” said Tim Flynn, CEO of Hayfin Capital Management, in the release.

Financial terms of the deal were not disclosed. A spokesman for Hayfin declined to comment. British Columbia officials could not immediately be reached for comment.