NEW YORK, May 3, 2011 /PRNewswire/ -- Asset Management Finance LLC ("AMF") announced today that it acquired a passive minority equity interest in Lucidus Capital Partners LLP ("Lucidus"), a fast growing long/short credit manager with offices in London and New York. Post AMF's investment, Lucidus will continue to operate in the same manner as in the past with the same staff and investment approach. AMF has invested over $750 million to acquire interests in 21 investment managers that collectively manage over $80 billion of assets. The transaction is AMF's second in Europe.
Lucidus is a leading asset manager of liquid credit strategies whose investment team has a twelve year investment history of delivering positive risk-adjusted returns. Lucidus' products have been managed since 1999 by the current partners of Lucidus at predecessor firms prior to the founding of Lucidus by Darryl Green, co-CEO/co-CIO, and Geoffrey Sherry, co-CIO, in 2009. Lucidus now has $1.8 billion in notional assets under management with 38 professionals based in London and New York.
The investment by AMF, an affiliate of Credit Suisse Group AG ("Credit Suisse"), will help facilitate the continued institutionalization of the firm and assist in attracting and retaining key professionals. The active partners of Lucidus, including Darryl Green and Geoffrey Sherry, have made long-term commitments to the business and will retain majority ownership of the firm. All of the after-tax proceeds received by the active partners of Lucidus will be invested in Lucidus' funds.
Bruce Kovner and Peter D'Angelo, who have been committed supporters of Lucidus since inception, will continue to hold their minority equity interest in Lucidus via Caxton Associates ("Caxton").
"We are delighted to have AMF as our long-term strategic investor. This transaction will allow us to broaden share ownership amongst the partners while enhancing our own invested capital in the funds, which aligns us more closely with our clients. AMF's financial resources, global reach and industry knowledge are well suited to help position Lucidus for the next stage of its successful development," said Christon Burrows, co-CEO.
Alistair McKay, Senior Consultant to AMF in Europe, said "Lucidus is a unique growth opportunity – a manager with a deep and talented investment team and an infrastructure of institutional quality. We believe that Lucidus will be one of the leading credit managers in Europe, making it an important addition to AMF's portfolio."
Brian Finn, CEO of AMF, said "This investment in a high quality European alternative asset manager further diversifies our portfolio by geography and by asset class. AMF continues to look for growth opportunities in Europe. We are delighted to have Lucidus in the AMF family."
Lucidus is a fundamental long/short credit manager with a trading overlay. The firm has offices in London and New York and has $1.8 billion of notional assets under management. Lucidus was founded in 2009 by Darryl Green, co-CEO/co-CIO, and Geoffrey Sherry, co-CIO, and is majority owned by its six partners with AMF and Caxton as minority equity holders.
AMF makes passive, minority investments in established, high quality asset managers across a wide range of investment strategies and geographies. AMF utilizes a variety of investment structures tailored to meet the specific needs of managers which are centered around the alignment of interests between AMF and management such that management retains majority economics and operational autonomy. AMF's capital supports a broad and diversified range of strategic objectives including recapitalizations, buyouts, funding of new investment products, succession planning, acquisitions, and business expansion. Investors in AMF include Credit Suisse Group AG, Proctor NBF Capital Partners (through a subsidiary of National Bank Financial Inc.), Tokio Marine & Nichido Fire Insurance Co., Ltd., and AMF management. AMF is headquartered in New York, NY with representatives in Boston and London.
For more information, please visit www.amfinance.com.
SOURCE Asset Management Finance LLC