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Specialty lender Fifth Street Asset Management Inc. (FSAM) is exploring a sale amid a deterioration in its loan portfolio and management turnover.The Greenwich, Conn., company is working with Morgan Stanley to sound out potential buyers, according to people familiar with the matter.
Update(s):
June 29, 2017: The Wall Street Journal is out with a report Thursday afternoon that Oaktree Capital (OAK), managed by the esteemed debt investor Howard Marks, is preparing to buy Fifth Street Asset Management (FSAM).
June 30, 2017: Fifth Street Asset Management (FSAM) this morning confirmed it’s in discussions regarding a potential sale, which would include management of Fifth Street Finance (FSC) and Fifth Street Floating Rate (FSFR).