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.
Primus was founded in 1995 and CypressTree was founded in 1988. Both firms serve banks, insurance companies, pension plans and endowments.