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Rating:More Credit Coverage Planned by a Montage Shop Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 15, 2013

More Credit Coverage Planned by a Montage Shop

Reported by Tommy Fernandez

Fresh from buying majority interest in the Kansas City-based Fountain Capital Management, Palmer Square Capital Management [profile] looks to develop at least one more product in the high yield credit space.

Chris Long president of Palmer, which is a boutique under the umbrella of Montage Investments [profile] recently told MFWire of its plans post-Fountain deal.

Long had this to say about the acquisition:
Really, it is a natural extension of our existing credit platform as we have been very active in structured corporate credit, high yield and bank loans. The acquisition really provides us with a talented portfolio team with a tremendous track record that has solely managed and researched high yield and bank loans since their founding in 1990. It is just a natural and synergistic fit.

On the subject of product development, we're evaluating that now. We will look to do something with them on the mutual fund side, given our joint expertise in the credit space, for 2013.

Moreover, he said, “from a firm perspective we are going to continue to grow methodically and in a disciplined manner. We will continue to emphasize our mutual fund channel where we feel we have had a really good experience as well as our limited partnership channel where we continue to do a lot of direct investing in the CLO and opportunistic credit space.”
Hiring-wise, Long said that “we will look to add some folks in the analyst side in 2013, one to two to be precise.”

Meanwhile, in the area of distribution, “since we are majority owned by Montage, we are able to leverage their robust distribution team of 34 people, which includes internal and external wholesalers. We can leverage that relationship quite heavily.”

Palmer hired Emily Colella to focus on the institutional channel in September. Foundations, Endowments, public and private plans.  

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