ArrowMark Acquires StoneCastle’s Investment Platform

December 20, 2019

On December 9, 2019, StoneCastle Financial Corp. announced an agreement for ArrowMark Partners to acquire StoneCastle Asset Management LLC.

Under the terms of the agreement, ArrowMark Partners (“ArrowMark”) will acquire the platform and assets of StoneCastle Asset Management LLC, the external investment adviser to StoneCastle Financial Corp. (“SAM”), through its subsidiary, StoneCastle-ArrowMark Asset Management LLC (“StoneCastle-ArrowMark”). SAM also announced that StoneCastle-ArrowMark will be appointed the new investment adviser to SAM. Certain members of SAM’s management team are expected to continue serving as officers. Sanjai Bhonsle, a partner at ArrowMark, will serve as Chairman and CEO of SAM. Joshua Siegel, SAM’s current Chairman and CEO, will advise SAM as a member of the board of managers of StoneCastle-ArrowMark. Further terms of the transaction were not disclosed.

SAM, (NASDAQ: BANX), based in New York, is a registered, non-diversified, closed-end investment company.

ArrowMark, based in Colorado, is an employee-owned, SEC-registered investment advisor. As of September 30, 2019, ArrowMark has $18.9 billion in assets under management.

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Investment Manager M&A, Transactions