Blackstone to buy IFSC-based Harbourmaster
Published 07/10/2011 | 05:00
BLACKSTONE Group, one of the world's largest private equity firms, said yesterday it will buy IFSC-based Harbourmaster Capital to expand in Europe.
Harbourmaster, which has around €8bn under management and was set up in 2000, is owned by a Jersey-based company with the same name. It is believed that most of the company is owned by management. Neither New York-based Blackstone nor Harbourmaster would say how much the deal was worth.
Dublin-based directors Alan Kerr and Mark Moffat will continue to work for Blackstone, the US company said yesterday. Mr Kerr, who is also a director of Bonkers Money Ltd, is the founder of Harbourmaster. The deal is due to be finalised in early 2012.
The Dublin company will merge back-office operations with Blackstone's London-based unit GSO. The back and middle-office functions will be conducted out of Harbourmaster's offices in Dublin which will employ around 40 people.
Previously GSO handled these operations out of both the United States and Europe.
Harbourmaster buys and sells complex financial instruments such as collateralised loan obligations, secured bank loans and investment grade infrastructure loans and bonds, according to its website.