Moelis & Company, a global investment bank, has reached an agreement to acquire the management companies of Gracie Credit, a New York-based multi strategy credit manager.
The acquisition will allow Moelis & Company to expand its asset management platform and enable Gracie to benefit from the added resources and global reach of a larger organization.
Gracie will continue to operate from its current location and expects no changes in its investment team, as each of the Gracie partners entered into a long-term employment agreement with Moelis & Company.
Gracie's managing partner and founder Daniel Nir and partners James Palmisciano, Manbir Singh, Michael Robertson and Alex Koundourakis lead a team of 30 employees, including 18 investment professionals.
Following the completion of the transaction, Gracie will operate as a separate business within Moelis & Company.
Established in 2004, Gracie has $2bn in assets under management and targets investment opportunities across the complete credit products and markets.
Moelis & Company CEO Ken Moelis said that the acquisition of Gracie significantly enhances their platform for institutional clients seeking top-tier investment solutions and further expands business activities.
Dan Nir said that joining forces with a world class financial services firm will provide significant, long-term benefits to Gracie.
The transaction is expected to be closed by November 2010.