Atlantic Asset Management, a Stamford, Conn.-based fixed-income manager with about $7 billion in assets under management, is up for sale, according to a client of the firm and an asset management banker familiar with the situation. David Weaver, v.p. of investments for $175 million Kansas State University Foundation, which is a client of Atlantic, said the firm informed the foundation that it was up for sale several weeks ago. Atlantic oversees a $6.5 million high-yield portfolio and a $68 million core fixed-income portfolio for Kansas State University Foundation. Weaver said the foundation has not considered terminating the firm in light of the sale. Atlantic specializes in investment-grade and high-yield debt portfolios, including collateralized debt obligations. The banker said that the firm's parent company, Industrial Bank of Japan, which purchased Atlantic Asset Management about two years ago, has put the firm on the block because it wants to get out of the asset management business. "They haven't owned the firm for that long, but it wants out of the business," the banker added. Elaine Hunt, senior v.p. and a founding partner of Atlantic, did not return calls seeking comment. John Dorman, spokesman for IBJ, also did not return calls.
Atlantic Asset Management On The Block