Primus Guaranty has entered into a binding letter of intent to sell its third-party asset management unit CypressTree Investment Management to Commercial Industrial Finance Corp. (CIFC). The deal's terms were not disclosed.

CypressTree manages or subadvises around $2.8 billion of high yield and leveraged loan assets in eight CLOs, which include: Primus CLO I and II, and Hewett's Island CLO I-R, II, III, IV, V and VI, according to a release from Primus.

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