Investment bank Aladdin Capital Holdings has purchased the synthetic CDO business of European specialist credit management company Solent Capital Partners.
Through the acquisition, Aladdin will add nine synthetic CDOs managed by Solent. This boosts its total to 12.
Aladdin manages $10.5 billion within its CDO/CLO business, according to a press release from the firm. The Aladdin credit team has 23 members with expertise across synthetics, structured credit, investment grade, high yield and leveraged loans in Europe and the Americas.
“There is an incredible momentum within the firm not only in the growth of our Investment Banking business but also of our asset management platform," Neal Neilinger, chief investment officer at Aladdin Capital. "This year has seen us build out significant hedge funds in both DIP and TALF.”
“The acquisition of the Solent CSO business, one of Europe’s largest, adds impetus and growth to our market leading CDO business, ”said Michael Gibbons, head of Aladdin’s European investment banking business.
“We are convinced that the strength and depth of the existing Aladdin credit team will add significant value to the investors in the CSO platform built by Solent," Jonathan Laredo of Solent Capital said. "In addition, I believe that Aladdin’s proven ability to raise hedge fund capital when allied with the credit trading expertise Solent Capital has demonstrated, will help to build a significant European asset management business.”