Palmer Square Joins Atlantic, Montage To Seed Credit Hedge Fund

May 4 2011 | 9:53am ET

Palmer Square Capital Management has joined forces with Atlantic Asset Management and Montage Investments to seed long/short credit hedge fund manager Millstreet Capital Management to the tune of $25 million.

The deal gives Boston-based Millstreet, which focuses on high-yield credit, particularly out-of-favor U.S. corporates and leveraged loans, access to the distribution channels of Atlantic and Montage.

“Millstreet is a natural fit for Palmer Square’s Emerging Manager Fund,” said Palmer Square President Christopher D. Long. “The senior team at Millstreet has deep experience analyzing companies, a disciplined investment approach based on thorough research, strong risk management and a track record of success at well-regarded institutions.”

Long also said Millstreet would serve as a “great complement” to Cypress Capital Management, the Palmer Square fund’s long/short equity manager which received $30 million in seed capital from the same firms in February of this year.

Atlantic Asset Management and its affiliates manage over $7 billion while Montage Investments—a group of asset managers offering multiple investment solutions—currently manages $8 billion.

Palmer Square Capital Management provides investment advisory services, proprietary funds, and customized allocations focused specifically on alternative investments such as hedge funds and private equity funds. It has been owned by Kansas-based Mariner Holdings since December 2009.

 


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