As the biggest banks pull back from lending to troubled energy companies, AllianceBernstein is stepping in.
Bloomberg News reports that the $460bn asset manager is building up a team in its fixed-income business that invests in oil and gas companies. It will make loans, buy bonds, and take equity stakes. The company has hired Daniel Posner, a veteran distressed-debt money manager, to lead the team along with Petter Stensland, a high-yield credit analyst at the firm.
"Capital is truly dear and the sector has gone much further through a challenging environment," said Ashish Shah, head of fixed income at AllianceBernstein. "There is a core financing need that banks are unable to fulfill and we think we can provide that capital solution."
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