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Mediobanca's Cairn renamed Polus Capital Management after Bybrook deal

FILE PHOTO: Italy's Mediobanca CEO Alberto Nagel presents a new business plan

MILAN (Reuters) - Cairn Capital Group, the alternative credit asset management firm majority owned by Italy's Mediobanca, said on Thursday it would rename itself Polus Capital Management after merging with rival Bybrook Capital.

Acquired in 2015 by Mediobanca, Cairn Capital is an independently managed affiliate of the Milanese bank's asset management division.

Just over a year ago, Cairn Capital closed the acquisition of Bybrook, a London-based rival focused on special situations in Europe and stressed and distressed debt, with $2.4 billion in assets.

"We have already seen the benefits of the merger ... I look forward to embarking on this next chapter of growth," Polus CEO Nicholas Chalmers said.

With a team of more than 30 investment professionals in London and New York, Polus Capital manages $9 billion in assets on behalf of institutional investors including pension funds, insurers or family offices.

(Reporting by Valentina Za; Editing by Keith Weir)