Hedge fund firm GoldenTree Asset Management plans to spin off its real estate investment business.
In advance of the split, which is expected to come this year, the New York-based firm will rename its GoldenTree InSite Partners on July 1. The newly-dubbed GTIS Partners will become independent of its parent company when it has reached an undisclosed level of assets under management.
GoldenTree will continue to own a stake in GTIS after the spin-off, and the two firms will maintain an investment relationship.
“When GTAM’s CEO and founder, Steve Tananbaum, and I formed the joint venture in 2005, we agreed that when GTIS achieved these benchmarks, it would become an independent entity,” said GTIS Partners President Tom Shapiro. “GTAM has been an outstanding partner to us, and we look forward to our continued collaboration.”