Assured Investment Management
| Company type | Subsidiary |
|---|---|
| Industry | Asset management |
| Predecessor | BlueMountain Capital Management |
| Founded | 2003 |
| Founder | Andrew Feldstein, Stephen Siderow |
| Fate | Acquired by Sound Point Capital Management in 2023 |
| Headquarters | New York City , United States |
Key people | David Buzen (CEO and CIO), Robert de Veer (CRO), Lee Kempler (COO) |
| Products | Credit strategies, structured finance, corporate and municipal credit, asset-backed finance, private investment strategies |
Number of employees | 29 (2023) |
| Parent | Sound Point Capital Management |
Assured Investment Management (AIM) was an institutional asset management company with a specialization in credit strategies, overseeing roughly $15.2 billion as of July 2023.[1] Recognized by Secondaries Investors as "one of the world's most prominent hedge funds," AIM maintained a notable presence within the alternative asset management sector.[2]
The firm was initially established in 2003 under the name BlueMountain Capital Management by founders Andrew Feldstein and Stephen Siderow. In 2019, it was acquired by Assured Guaranty (AG), a publicly traded financial services holding company based in Bermuda.[3]
In 2023, AIM’s assets and operations were further consolidated through acquisition by Sound Point Capital Management (Sound Point), a private U.S.-based asset management firm.[1] At that point, AIM was headquartered at 1633 Broadway, New York City, led by CEO and CIO David Buzen, CRO Robert de Veer, and COO Lee Kempler. The firm operated with a streamlined team of 29 employees and held a competitive edge in credit-oriented investment strategies within the global financial sector.
History
BlueMountain Capital Management was founded in 2003 by Harvard Law School alumni Andrew Feldstein and Stephen Siderow, launching its initial flagship relative value credit hedge fund with $300 million in assets under management (AUM). The firm gained significant recognition following its profitable positioning during JPMorgan Chase’s 2012 "London whale" trading loss, which contributed to an increase in AUM from $12 billion in 2012 to $18 billion by 2013. Between 2012 and 2018, BlueMountain broadened its offerings by introducing five additional strategies, reaching a peak AUM of $23 billion in 2016.
On August 7, 2019, Assured Guaranty (AG) announced its agreement to acquire BlueMountain and related entities for approximately $160 million. Andrew Feldstein took on the role of CIO and Head of Asset Management at AG while continuing as CEO and CIO at BlueMountain. The acquisition terms included cash payments exceeding $114.8 million, possible issuance of shares, and promissory notes. AG committed $90 million in working capital contributions and planned to allocate $500 million from its financial guaranty subsidiaries’ portfolios toward BlueMountain’s asset management platform over a three-year period.
The transaction closed on October 1, 2019, with AG purchasing all outstanding equity interests for about $160 million in cash. At that time, BlueMountain managed close to $18.9 billion in AUM. Following the acquisition, Feldstein received $22.5 million worth of AG common shares, underscoring his strategic involvement and dedication. Dominic Frederico, AG’s CEO, described the acquisition as transformative due to the alignment of cultures and complementary strengths.
On September 22, 2020, AG rebranded BlueMountain Capital Management as Assured Investment Management (AIM), directing its focus toward structured finance, corporate and municipal credit, asset-backed finance, and private investment strategies. AIM capitalized on AG’s expertise in municipal finance and structured credit markets.
On April 5, 2023, AG revealed a strategic transaction transferring its entire equity interest in AIM and affiliated entities to Sound Point Capital Management. Simultaneously, AG established a partnership with Sound Point as its exclusive alternative credit manager, committing $1 billion for upcoming investments across alternative credit strategies—including $400 million of existing assets as of December 31, 2022. The deal transferred approximately $15.2 billion in AUM—primarily collateralized loan obligations (CLOs)—to Sound Point, elevating it to the position of the world’s fifth-largest CLO manager by AUM. AG maintained carried interest rights connected to Assured Healthcare Partners (AHP), an independent healthcare investment firm.
By July 3, 2023, AG completed the integration of nearly all asset management operations (excluding AHP) with Sound Point. This included transferring full equity ownership of AIM and related entities to Sound Point along with onboarding 29 AIM employees. AG secured a 30% ownership stake in Sound Point’s consolidated business following the transaction. Dominic Frederico joined Sound Point’s Board of Managers after the deal closed.
On July 21, 2023, AG divested its entire equity interest in AHP to an entity controlled by founder Jim Pieri, who has served as managing partner and CIO since AHP’s founding as a healthcare-focused investment manager.
Investments
The company has allocated capital into Puerto Rican bonds and, via DCI Group, has taken an active stance against initiatives aimed at providing the commonwealth with bankruptcy protection. After the debt restructuring plan introduced by Congress in June 2016, a film production entity associated with George Soros published documentaries condemning BlueMountain's investments in Puerto Rico Electric Power Authority bonds, emphasizing the adverse effects of the fiscal crisis on the territory's healthcare and educational systems.
- ↑ 1.0 1.1 Cite error: Invalid
<ref>tag; no text was provided for refs named:0 - ↑ James, Rod (16 February 2021). "To be able to copy & paste content to share with others please contact us at subscriptions@peimedia.com to upgrade your subscription to the appropriate licence". Secondaries Investor. February 16, 2021.
- ↑ Cite error: Invalid
<ref>tag; no text was provided for refs named:1