Sector developments and company hires

Credit manager merger
Cairn Capital Group is set to acquire and merge with Bybrook Capital, a specialist distressed credit manager based in London. The merger will create a diversified alternative credit manager with approximately US$8bn in assets under management across public, private, performing and distressed investment opportunities. Through the transaction, Mediobanca will reaffirm its position as a majority shareholder in Cairn Capital with a stake of approximately 64%, while the remaining 36% will be held by former Bybrook shareholders and existing Cairn Capital minority shareholders.