First Eagle to Buy Napier Park in Latest CLO Business Merger

First Eagle Investment Management agreed to buy Napier Park Global Capital, an established manager of collateralized loan obligations, in the latest consolidation in the $1 trillion industry.

With the purchase, First Eagle will add European CLO management to its portfolio as well as $18.7 billion in assets under management, according to a company statement. The investment management firm also holds other structured products, including bonds backed by U.S. mortgages, consumer and municipal debt and equipment leasing.

The acquisition follows a wave of others where money managers have moved to beef up their alternative credit businesses. As inflation soars ...