Mesirow, the employee-owned financial services giant based in Chicago, has taken a significant step to expand its alternative investment capabilities for institutional and high-net-worth clients.
Through a transaction finalized on December 31, the firm with $302.6 billion in total assets under supervision has acquired Bastion Management, a private credit manager specializing in asset-backed lending.
The move builds on Mesirow's existing alternatives platform, which includes offerings in currency management, private equity and direct investments in real estate.
"The Bastion team has built an impressive business and culture that aligns well with our own, and we are confident that they will be an integral part of Mesirow's ongoing growth and success," Natalie Brown, CEO of Mesirow, said in a statement.
Founded in 2013 and headquartered in Stamford, Connecticut, Bastion focuses on lending to the lower middle market across various sectors and geographies. The firm offers bespoke financing solutions designed to provide compelling returns with downside protection for its client base of endowments, institutional investors, family offices, and high-net-worth individuals.
Over the past 13 years, Bastion has completed more than 50 transactions, representing over $2 billion in commitments.
“We are thrilled to join Mesirow, an independent, employee-owned firm whose client-centric approach and emphasis on long-term relationships align seamlessly with our own values,” said Jay Braden, CEO of Bastion. “Mesirow's robust distribution platform will enable us to accelerate our growth while continuing to deliver exceptional service to our clients.”
Ketan Shah, who joined Mesirow as chief strategy officer and general counsel last April, highlighted the strategic importance of the acquisition.
“As Mesirow continues to execute its growth strategy, focused on adding best-in-class products to better serve our clients, Bastion's strong returns and top-tier client servicing in an attractive market make them a great addition to the Mesirow platform,” he said.
In September, the firm deepened its reach in the Florida wealth market by snapping up Stuart-based Price Wealth Management, adding to its previous locations in Miami and Boca Raton.
The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.
The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.
Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.
With more than $13 billion in assets, American Portfolios Advisors closed last October.
Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
