Assured Guaranty Ltd. has successfully transferred the ownership of its entire equity interest in Assured Healthcare Partners LLC (AHP) to an entity owned and controlled by its Founder, Jim Pieri.
This development comes after Pieri served as the Managing Partner and Chief Investment Officer of AHP since its inception as an independent healthcare-focused investment manager.
The move is part of Assured Guaranty’s strategic efforts to diversify its earnings stream through alternative investments.
Earlier this month, the company combined its asset management business, Assured Investment Management LLC (AssuredIM), with Sound Point Capital Management, LP (Sound Point).
Consequently, Sound Point became the sole alternative credit manager of the Assured Guaranty US insurance companies, while Assured Guaranty retained a 30% ownership interest in Sound Point’s combined business.
The recent transactions mark a significant milestone in Assured Guaranty’s pursuit of enhancing the performance and diversification of its investment portfolio through alternative investment strategies. Despite the transfer of ownership of AHP, Assured Guaranty remains a strategic investor in certain AHP-managed funds, retains its carried interest in existing AHP-managed funds, and will also receive other considerations.
Dominic Frederico, the CEO and President of Assured Guaranty, expressed his confidence in the alternative investment strategy, highlighting the positive impact it will have on the company’s investment portfolio.
