Irish Times – Avoca Capital, the Dublin-based manager of collateralised loan obligations, has acquired two high-yield bond hedge funds from UK fund manager Liontrust.
Five credit specialists from Liontrust, including fund manager Simon Thorp, will be hired by Avoca as part of the deal. The two funds managed by the Liontrust team have £85 million in assets under management. Avoca will pay 3.75 per cent of the value of the assets to be transferred at the time the deal secures approval. At current values that would be approximately €3.6 million.
