Swiss asset manager GAM has bought Renshaw Bay’s real estate debt business.
The deal settles its future after the departure of Renshaw founder Bill Winters, who now heads Standard Chartered.
GAM will take on Renshaw’s 10-strong team in a deal due to complete in October.
The team will continue to be headed by ex-JP Morgan banker Jon Rickert, and includes partner Martin Farinola and originator Mark Coomber, who joined from Lloyds in March.
Renshaw closed its first fund of £365m just days after Winters announced his departure in February. The fund focuses on issuing whole loans in western Europe. Renshaw also has a £350m mandate from Guardian Financial Services to issue fixed-rate senior loans. In total it has $1.2bn (£771.2m) under management.
GAM is known for its fixed-income, equity and absolute return investments. But chief executive Alexander Friedman said the team would “add a sustainable stream of revenues” and “launch strategies under the GAM brand”, including mezzanine debt.
