Abacus Life, a publicly traded alternative asset originator and manager that specializes in life insurance products, has signed an agreement to acquire Carlisle Management Company SCA, a Luxembourg-based alternative asset manager with about $2 billion in assets under management, for $200 million.
Dynasty Investment Bank was the exclusive advisor to Abacus Life on the deal. Manorhaven Capital advised Carlisle, which is minority-owned by Pacific Current Group, a publicly traded multi-boutique asset management firm. The deal is subject to regulatory approvals.
Late last year, Abacus launched a wealth management division, ABL Wealth, with the support of Dynasty Financial Partners. The firm plans to seed that offering by acquiring and rolling up RIAs under the ABL Wealth brand. It will provide those advisors with leads from both the inquiries the company receives and cash payouts from its life settlements business.
The acquisition would give the firm’s advisors access to Carlisle’s alternative strategies, said Abacus Life CEO Jay Jackson.
“Carlisle has the strongest and most enduring track record as a fund manager within the life settlement industry, and its geographically diverse client base will further accelerate our drive towards becoming a global financial player,” Jackson said in a statement.
“By integrating Carlisle’s expertise and robust portfolio into our offerings, we are strategically positioning ABL Wealth at the cornerstone of our mission to provide sophisticated investment solutions for the life settlement market,” said Elena Plesco, chief capital officer of Abacus Life, in a statement.
The wealth unit targets clients who have accessed liquidity from their life insurance policies with financial planning and investment management services. Based in Orlando, Fla., the division helps clients invest policy proceeds or other assets into custom portfolios. It also provides retirement planning and risk management.
Earlier this year, Abacus Life rebranded its technology division from LMA Technologies to ABL Tech, and expanded its capabilities. The division also made its mortality verification and lifespan data available to its nascent wealth unit for the first time.