Sienna Funding Managers has expanded into Italy and boosted its non-public debt providing with the acquisition of Ver Capital.

Sienna is a pan-European asset supervisor with €34bn (£29.2bn) beneath administration that has a footprint masking eight international locations following the acquisition.

Milan-based Ver Capital focuses on European company debt, providing publicity to leveraged loans, high-yield bonds, non-public debt, transition power and particular conditions.

Learn extra: LGIM launches non-public credit score fund on new European platform

The mixed corporations will handle round €3bn in non-public debt, delivering funding options to buyers in France and Italy, with plans to develop their attain to a broader worldwide consumer base.

Sienna’s current non-public debt enterprise has a monitor document in asset-backed financing in actual belongings – encompassing actual property, infrastructure and public sector – and direct lending.

Following the acquisition, Ver Capital will add European high-yield, leverage loans and native non-public debt experience to Sienna’s current providing.

Learn extra: Barclays and AGL faucet into non-public credit score increase with new three way partnership

“By becoming a member of forces, we can have the size wanted in each international locations to supply a very giant vary of services, and to profit French and Italian purchasers from our presence in Europe,” stated Sienna’s chief government Paul de Leusse.

“We’re additionally delighted to welcome [Ver Capital chief executive] Andrea Pescatori who will carry his community of Italian buyers and his deep-rooted information of the native asset administration trade to our management group.”

Pescatori, stated: “We’re very excited to kick off the partnership with the Sienna Group that can mark a brand new chapter for Ver Capital, with a extra worldwide perspective and with the purpose to create a complete worldwide platform within the European credit score house with a stable expertise and monitor data in our related sectors”.

Learn extra: Asset-backed finance is “subsequent frontier” of personal credit score