Monday, 20 March 2023: Leading global investment manager, First Sentier Investors (FSI), has entered into a strategic partnership with a leading European credit manager, AlbaCore Capital Group (AlbaCore), making a majority investment in the business.
Mark Steinberg, CEO of FSI, said that the strategic partnership is aligned with FSI’s corporate strategy to accelerate growth by diversifying the range of investment capabilities it can offer to clients as well as expanding its global footprint.
“We identified alternative credit as a strategically important space for us to consider and we felt that AlbaCore’s unique position in the European market, its growth trajectory and strong investment performance would be complementary to our existing capabilities,” he said.
Headquartered in London, with a presence in Dublin, AlbaCore has capabilities spanning various parts of the corporate credit spectrum including private credit, CLOs, liquid credit and structured credit in Europe. Since inception in 2016, it has grown to US$9.51 billion in assets under management with long-standing relationships with public and private pension funds, sovereign wealth funds, insurance, and endowment and high net worth clients.
AlbaCore’s broad product offerings enable FSI to offer new asset classes and structures to clients, as well as unlocking new channels, regions and products to meet growing investor demand in the sector.
David Allen, Managing Partner and Chief Investment Officer at AlbaCore said: “When we started to engage with FSI, it was clear there was strong cultural alignment between both businesses which will be critical to the success of our partnership.
“We see this partnership as enhancing AlbaCore’s growth prospects including extending market access to our expertise, deepening our product offering, and working with FSI’s Responsible Investment team on our approach and articulation around responsible investment,” Mr Allen said.
The senior team at AlbaCore will maintain a minority ownership stake in the business and continue to invest capital into funds. AlbaCore will continue to operate with investment and business autonomy with no change to its teams, office locations or brand. At the same time, FSI and AlbaCore will work together on areas to accelerate their respective strategic plans and longer term growth trajectory, while leveraging their joint expertise.
“This partnership marks a new chapter for FSI and our shareholder Mitsubishi UFJ Trust and Banking, our people and our clients. We look forward to working with AlbaCore to explore areas for collaboration across our respective businesses. Together, we are better positioned to drive growth for our clients and broader stakeholders,” concluded Mr Steinberg.
Completion of the strategic partnership is targeted for Q3 2023, pending regulatory approvals.
First Sentier Investors was advised by Berkshire Global Advisors, Legal advisor Simmons & Simmons and Accounting Firm EY.
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About First Sentier Investors
First Sentier Investors manages £121.5 billion (€137 billion) in assets (as at 31 December 2022) on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and their clients worldwide.
The firm was acquired by Mitsubishi UFJ Trust and Banking Corporation, a wholly-owned subsidiary of Mitsubishi UFJ Financial Group, Inc in August 2019, and operates as a standalone global investment management business with offices across Europe, the Americas, and Asia Pacific.
First Sentier Investors is a globally Certified B Corporation and signatory to the UK Stewardship Code. The firm’s investment expertise spans across a range of asset classes and specialist sectors focused on delivering sustainable investment success based on responsible investment principles.
For more information, visit www.firstsentierinvestors.com
In the UK, issued by First Sentier Investors (UK) Funds Limited which is authorised and regulated by the Financial Conduct Authority (registration number 143359). Registered office Finsbury Circus House, 15 Finsbury Circus, London, EC2M 7EB number 2294743.
In the EEA, issued by First Sentier Investors (Ireland) Limited, which is authorised and regulated by the Central Bank of Ireland. First Sentier Investors (Ireland) Limited is registered in the Republic of Ireland, No: 629188. Registered offices: 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.
Elsewhere, issued by First Sentier Investors International IM Limited which is authorised and regulated in the UK by the Financial Conduct Authority (registered number 122512). Registered office: 23 St. Andrew Square, Edinburgh, EH2 1BB number SCO79063.
First Sentier Investors entities referred to in this document are part of First Sentier Investors a member of MUFG, a global financial group. First Sentier Investors includes a number of entities in different jurisdictions. MUFG and its subsidiaries do not guarantee the performance of any investment or entity referred to in this document or the repayment of capital. Any investments referred to are not deposits or other liabilities of MUFG or its subsidiaries, and are subject to investment risk including loss of income and capital invested.
About AlbaCore Capital Group
AlbaCore Capital Group is one of Europe’s leading specialist credit investors, and manages over US$9.5bn (as at 28 February 2023) in AUM across liquid strategies, CLOs, structured products, dislocation funds and private credit. The senior investment team have been investing together for over a decade. Founded in 2016, AlbaCore has invested over ~US$25bn2 for global pension funds, sovereign wealth funds, consultants, insurance companies, family offices and endowments.
For more information, visit www.AlbaCoreCapitalGroup.com
1As of February 2023
2Invested capital is the sum of all 'buy' trades for all AlbaCore mandates since inception to 28 February 2023 and includes recycled capital and co-investment.