Annaly Acquires Merganser Capital
August 6, 2008
Boston-based fixed income investment manager Merganser Capital Management has agreed to be acquired by Annaly Capital Management, the companies said on Tuesday.
While the firms did not disclose the terms of the sale, they noted that Merganser had $4.8 billion in assets under management as of June 30. The firms expect the deal to close before the end of the fourth quarter. Merganser, which applies different fixed income investment strategies, will be merged into and operate as a wholly owned subsidiary of Annaly.
Merganser was founded in 1985 by its president, Edward Bedrosian, and operates several funds on behalf of institutional investors. Bedrosian will join Annaly along with other managers. New York-based Annaly manages assets for institutional and individual investors and is taxed as a real estate investment fund.
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