TITLE

Primus Sells CypressTree Unit to CIFC

AUTHOR(S)
Sibayan, Karen
PUB. DATE
September 2010
SOURCE
High Yield Report;9/27/2010, Vol. 21 Issue 39, p25
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports on the plan of Primus Guaranty to sell its third-party asset management business CypressTree Investment Management to Commercial Industrial Finance Corp. (CIFC). A statement issued by Primus revealed that CypressTree handles about 2.8 billion U.S. dollars of high yield investments and leveraged loan assets in eight collateralized loan obligations (CLOs). According to Primus Guaranty Chief Executive Officer (CEO) Thomas W. Jasper, CypressTree's divestiture is part of the company's plan to preserve the value of their credit business.
ACCESSION #
53995517

 

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