CarVal Investors' senior leadership team has agreed to purchase the money manager from U.S. agricultural firm Cargill, said Lisa Clemens, Cargill spokeswoman.
Terms of the deal, which is expected to close in the fourth quarter, were not disclosed.
CarVal managing principals Lucas Detor, James Ganley and Jody A. Gunderson lead the partnership buying out the money manager, which Cargill launched in 1987. They will continue to lead the firm, the news release said.
The CarVal executive team was originally appointed by its board of directors to lead the firm in June 2016.
CarVal Investors has $10 billion in assets under management.