Sector developments and company hires

Alternatives combination agreed
FS Investments and Portfolio Advisors have entered into a definitive agreement to combine their firms. The move is set to see a joint growth in excess of their combined US$73bn in assets under management and a significant expansion to their resources - including a permanent capital base and a new distribution platform. As a combined company, the two firms hope to meet the rising investor demand for alternatives by offering a broad suite of alternative investment solutions, including structured credit, for both institutional and individual investors. The transaction is due to close in 1H23 and will preserve Portfolio Advisors’ autonomy and its teams across the globe.

In other news…

Clinton Group CDOs transferred
Dock Street Capital Management has been appointed successor collateral manager for the Bleecker Structured Asset Funding and Varick Structured Asset Fund ABS CDOs. The transactions were previously managed by Clinton Group. Moody’s has confirmed that the move will not affect the ratings of any notes issued by the deals.

EMEA
Sculptor Capital Management has promoted its head of European CLOs, Adeel Shafiqullah, to executive md. Based in London, he was previously md at the firm, which he joined in 2015. Before that, Shafiqullah worked at PineBridge Investments, Credit Suisse and Chanin Capital Partners.