Mediobanca SpA, Italy’s biggest publicly traded investment bank, agreed to buy Cairn Capital, a London-based credit investment manager.
Mediobanca will acquire 51 percent of Cairn from institutions including Royal Bank of Scotland Group Plc, which will sell its entire stake, the Milan-based bank said in a statement Wednesday. It didn’t give financial details. Mediobanca has an option to buy the remainder after three years.
Cairn, which focuses on derivatives and structured-credit assets, including collateralized loan obligations and commercial mortgage-backed securities, manages $5.6 billion of discretionary and legacy assets.
Paul Campbell will continue to be chief executive officer of the company.