New York-based Primus Asset Management has acquired CypressTree Investment Management, a Boston-based investment management firm focused leveraged loans and high yield bonds.

Primus also is an investment management firm focused on similar asset classes. The firm has more than $25 billion in assets under management, including a $21 billion credit default swap portfolio and eight CLOs with $3.2 billion in assets. CypressTree has approximately $2.4 billion in assets under management. It also managed several CLOs.

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