Wednesday, 22 February 2017
Last updated 7 hours ago
Apr 23 2008 | 7:22am ET
Babson Capital Management has acquired the distressed debt hedge fund business of Murrary Capital Management, it said yesterday.
Murray founder Marti Murray and her team will join Boston and Springfield, Mass.-based Babson, remaining in New York. The team will drop the Murray Capital Name, Babson said.
The acquisition is Babson’s third in six years. Terms of the deal were not disclosed.
Murray Capital, which was founded in 1995, is one of the five underlying managers of the Dow Jones Hedge Fund Strategy benchmark for distressed securities.
“Marti and her team bring a wealth of distressed debt investing experience to Babson Capital, have a proven track record of success, and share our dedication to thorough research, a disciplined investment process and transparency,” Murray’s new boss, Babson head of corporate securities Cliff Noreen, said. “This acquisition is consistent with our philosophy of selectively adding capabilities that complement and extend the investment strategies we offer our clients. It is also well-timed given the unprecedented market dislocation that is creating distressed debt investment opportunities.”