FSI completes partnership with European credit manager

20 November 2023
| By Jasmine Siljic |
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First Sentier Investors (FSI) has completed a strategic partnership with AlbaCore Capital Group, a European alternative credit manager.

The global investment manager received all regulatory approvals relating to the strategic partnership with AlbaCore. 

Mark Steinberg, FSI chief executive, remarked that the majority investment will diversify its investment offerings to clients and align with the business’s growth acceleration.

“Today is an exciting and important day for First Sentier Investors, our shareholder Mitsubishi UFJ Trust and Banking Corporation, and our new partner AlbaCore,” he said.

“The alternative credit capabilities that AlbaCore brings to the table complements our existing investment capabilities and enables us to unlock new asset classes and structures for our clients.”

AlbaCore has headquarters in London and a presence in Dublin. In addition, the credit manager’s capabilities span across private credit, CLOs, liquid credit and structured credit in Europe.

The partnership with FSI will strengthen AlbaCore’s growth prospects with an expanded market access and a deepened product offering.

Steinberg continued: “Together, we have made strong headway in exploring areas in our respective businesses to collaborate and accelerate our respective strategic plans and longer-term growth trajectories.”

AlbaCore will retain its investment autonomy with no changes to its daily operations, staff, office locations or branding. 

Moreover, the firm’s senior team will maintain a minority ownership in the business and will continue investing capital into funds alongside FSI.

David Allen, managing partner and chief investment officer at AlbaCore, was delighted to join the FSI group.

“We look forward to providing compelling opportunities within alternative credit to the broader First Sentier Investors business, to access new client markets and channels.

“This strategic partnership is rooted in the deep alignment of people, values and culture at First Sentier Investors and AlbaCore, and we are excited to formally start working together,” he commented.

Earlier this month, FSI appointed a new chief operating officer who departed from Perpetual after four years.

In her new Sydney-based role as COO of FSI, Amanda Gazal will oversee the firm’s daily operations and drive operational efficiencies alongside the executive leadership team to underpin the organisation’s growth vision.

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