Primus Asset Management to acquire high-yield specialist CypressTree

By Devika Patel

Knoxville, Tenn., May 12 - Primus Asset Management, Inc. announced that it will acquire CypressTree Investment Management, LLP.

Founded in 1995 and based in Boston, CypressTree manages leveraged loans and high-yield bonds in a variety of investment products, including collateralized loan obligations, collateralized swap obligations, off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion.

Following the acquisition, CypressTree will operate as a subsidiary of Primus Asset Management, which will have over $25 billion in assets under management in structured credit vehicles.

Martha Hadeler and Robert E. Weeden, CypressTree partners and portfolio managers, will join Primus Asset Management as senior portfolio managers and will assume responsibility for managing its loan and high-yield platform.

They will report to Thomas Jasper, chief executive officer of Primus Asset Management parent company Primus Guaranty Ltd.

"The acquisition of CypressTree marks a solid step forward in our strategy to leverage our platform and increase the scale and scope of our credit asset management business," Jasper said in a press release. "It also significantly strengthens our investment capabilities, as Martha and Bob bring excellent track records and five decades of combined experience to Primus."

Fusion Advisory Partners, Inc. advised Primus Asset Management on the acquisition.

Hamilton, Bermuda-based Primus Asset Management provides credit portfolio management services to Primus Financial Products and manages private investment vehicles, including two collateralized loan obligations and three synthetic collateralized swap obligations for third parties.

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