Primus Asset Management, a Bermuda-based wholly owned subsidiary of Primus Guaranty, has completed the acquisition of CypressTree Investment Management.
It has reported that CypressTree will operate as a wholly owned subsidiary of Primus Asset Management, which now has over $25 billion in assets under management in structured credit vehicles. This includes the $21 billion notional credit default swaps portfolio of Primus Financial Products, as well as eight CLOs with $3.2 billion in assets and three CSOs totaling $800 million.
Boston-based CypressTree manages leveraged loans and high yield bonds in a various investment products, including collateralized loan obligations (CLOs), collateralized swap obligations (CSOs), off-shore funds and separately managed accounts. Its assets under management total approximately $2.4 billion.
