David L. Babson, a subsidiary of MassMutual Financial Group, acquired Duke Street Capital Debt Management. Duke Street, with about 1.5 billion euros ($1.85 billion) under management, uses collateralized debt obligations backed by leveraged loans to invest in senior loans, mezzanine loans and buyout-related high-yield bonds, mostly in Europe. Terms were not disclosed.
Some $6.5 billion of Babson's $82 billion in assets under management is in leveraged loans, and the acquisition is aimed at broadening the firm's alternative asset business and giving it a London office, according to a statement by Roger Crandall, managing director and head of Babson's corporate securities group.
Correction appended
