Bank of New York agreed to acquire 80% of Alcentra Group, a London-based subinvestment-grade debt manager, by year end, said Steven Pisarkiewicz, executive vice president and head of BNY Asset Management. Terms were not disclosed. Alcentra has $6.2 billion in assets under management in 15 funds.
Mr. Pisarkiewicz said the deal will provide BNY with a "non-traditional slice" of the fixed-income pie. He said it's part of the firm's strategy to increase its alternative investment offerings, which currently include Ivy Asset Management, its $15 billion hedge fund-of-funds subsidiary.
Alcentra's management, led by Christopher Damico, group CEO; Stephen Bruce, CIO and head of U.S. operations; and David Forbes-Nixon, CIO and head of European operations, will hold the remaining 20% stake. They will report to Mr. Pisarkiewicz.