Asset management firm Cremac is seeking so-called strategic alternatives to sole ownership for its third-party credit risk management subsidiary Risk Management Group, according to Cremac President Joe Cafiero. Cypress Advisors is in the process of conducting a bidding process for the company, the second-largest credit risk manager, behind Clayton Holdings Inc.

Cremac is looking to negotiate an outright sale, a strategic alliance or a cash infusion for the company. The Brooklyn, N.Y.-based firm was founded in May 2003, and employs 13. Cafiero declined to comment on its estimated value. Cafiero is aiming to close a deal within 30 to 60 days, he said.

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