Tokio Marine & Nichido Fire Insurance Co. invested $25 million in Asset Management Finance Corp., said Norton H. Reamer, AMF president and CEO. The latest infusion lifts AMF's equity capital to $95 million, following an initial $30 million investment more than two years ago by National Bank Financial Inc., and a follow-on investment of $40 million by Pacific Life Insurance in September 2004.
With that equity, $20 million in subordinated debt from Pacific Life and $100 million in bank credit, the firm now has more than $200 million in investment capital.
AMF, which provides financing to money management firms with $500 million to $40 billion in assets under management in return for time-limited minority shares in their revenues, has yet to make a second deal following its initial transaction announced at the end of 2004. Mr. Reamer said it takes time for the market to come to grips with a new idea, but AMF should be able to announce its next few deals in the coming months.
updated with correction