Mediobanca’s Cairn Capital to Buy Bybrook Capital

Posted on 02/02/2021

Mediobanca’s Cairn Capital Limited grew its wealth management division with the acquisition of London-based distressed credit specialist Bybrook Capital. Cairn Capital will takeover and merge with Bybrook to create a diversified alternative credit manager with around US$ 8 billion in assets under management. Mediobanca will retain a stake of around 64% in the new group, while the remaining 36% will be held by former Bybrook shareholders and Cairn Capital’s minority investors.

Bybrook specializes in distressed credit investing, which has approximately £1.8 billion in assets under management. Bybrook was set up in 2014 by former Eton Park partner Robert Dafforn with backing from The Blackstone Group. Wealth management contributed 25% of Mediobanca’s group revenues and 46% of fee income as of June 30, 2020. Mediobanca acquired Cairn Capital in 2015 and RAM Active Investments in 2017.

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