Surely this anouncement should save bnb alone
Threadneedle Hires Babcock & Brown Asset-Backed Bond Investors
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By Neil Unmack
Jan. 27 (Bloomberg) -- Threadneedle Asset Management Ltd., a London-based fund manager that oversees 55 billion pounds ($77 billion), said it hired five people from Babcock & Brown Ltd.’s asset-backed bonds unit.
Threadneedle, owned by Ameriprise Financial Inc., hired fund managers in Brisbane including Steven Fleming and Ashley Burtenshaw, it said in an e-mailed statement today. The U.K.- based company will also take over $1.8 billion of assets from Babcock & Brown, the Australian investment firm that’s trying to reorganize its debt, the statement said.
Babcock & Brown, which used cheap debt to buy properties, ports and power stations, is discussing a debt-for-equity swap as the worldwide credit crisis raises borrowing costs and erodes asset values.
Threadneedle last year hired Andrew Bristow from Goldman Sachs Group Inc. to oversee its asset-backed investments in London.
To contact the reporter for this story: Neil Unmack in London [email protected]
Last Updated: January 27, 2009 07:22 EST
BNB
babcock & brown limited
