Asset management firm to buy bankrupt Greenwich Investment Management
2 min readPrincipal Street Partners, a Memphis-based investment firm, will acquire the clients of a bankrupt money manager that specialized in buying high-yield bonds issued for senior living facilities and charter schools.
A U.S. Bankruptcy Court judge in the Middle District of Florida on Thursday approved the sale of Greenwich Investment Management to PSP, which runs high-yield and distressed muni separately managed accounts.
PSP, the sole qualified bidder, agreed to pay GIM $25,000 and 15% of management fees collected from GIM clients who sign new contracts for a period of three years after the sale closes. PSP had about $2.9 billion of assets under management as of Dec. 31 2023,
James A. West, chief executive officer of PSP, didn’t respond to a request for comment.
Norwalk, Connecticut-based GIM had gross income of $4.4 million in 2023, according to bankruptcy filings. The company
GIM oversaw about
Peter L’H Courtney, former