Sunday, 25 September 2016
Last updated 1 day ago
Nov 23 2011 | 7:33am ET
Aladdin Capital Holdings has agreed to sell several of its hedge funds to Mitsubishi Corp., which owns almost 20% of the Stamford, Conn.-based firm.
Aladdin, which earlier this year shut its two-year-old broker/dealer operation, will sell its corporate credit hedge fund and bankruptcy loan funds to MC Asset Management Holdings. The firm, which will retain some $9.6 billion in structured debt pools, will own a 20% stake in the new venture, with the rest owned by Mitsubishi.
MC Asset Management will have about 20 employees initially. The rest of Aladdin’s management team “will remain intact and the transition is expected to be seamless to investors,” Aladdin said in a statement. In addition, the firm said that chief investment officer Neil Neilinger would be promoted to CEO.