Specialist credit fund asset managers now setting up to profit from the retrenchment of European banks honed their skills in the US, where companies are much more used to raising funding from investors than from banks. Even in the US, investors see further opportunity to benefit from the withdrawal of banks.
At the start of August, the $149 billion assets under management Babson Capital, a unit of the MassMutual Financial Group, hired a team from GE Capital to run a lending group to provide senior secured financing solutions to middle-market companies, mostly ones owned by private equity sponsors.
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