Brandywine Global Investment Management agreed to lift out a three-member, high-yield and corporate credit team from Diamond Hill Capital Management.
Terms of the deal were not disclosed in a news release Wednesday. The agreement brings John McClain and Bill Zox, portfolio managers, and Jack Parker, fixed-income senior associate, as members of Brandywine's global fixed-income team.
Following the closing of the transaction, which is expected in the second quarter, Messrs. McClain and Zox will continue to manage the high-yield and corporate credit funds they have been managing for Diamond Hill Capital.
Those funds, the Diamond Hill Corporate Credit Fund and the Diamond Hill High Yield Fund, had $2 billion and $724 million, respectively, in assets under management as of Dec. 31.
As of Dec. 31, Brandywine Global Investment Management had $63.9 billion in assets under management.
A spokeswoman for Brandywine could not immediately provide further information.
