Ignis Asset Management has entered into a partnership with Castle Hill Asset Management.
Castle Hill is a credit investment manager with more than USD2.0bn of gross assets under management.
These assets include sub-advisory mandates from Ignis invested across two leveraged loan portfolios as well as one long-short credit portfolio.
Castle Hill has also launched the Castle Hill Total Return Fund, a hedge fund focused on opportunistic credit strategies and capital structure arbitrage. The fund has been seeded with approximately USD50m of capital by Castle Hill employees and associates.
Ignis will hold a 49 per cent interest in Castle Hill and will have two Ignis executives on the board, Jonathan Polin and Chris Fellingham.
Brian Bassett, chairman of Castle Hill Asset Management, says: “Castle Hill Asset Management is thrilled to commence operations with Ignis as our partner. Having worked closely with the Ignis staff we are confident that we can benefit from Ignis’s strong infrastructure, deep relationships in the market and proven experience in managing joint-venture relationships.”
Polin adds: “We are delighted to be a significant shareholder in Castle Hill, which is an important strategic investment for us in this highly specialist area. Brian and his team have built up an excellent reputation in the market whilst working at Ignis and we are sure they will be successful in managing the assets we have out-sourced to them as well as gathering significant third party assets with us.”