Boutique Firm Led by Ex-UBS Banker Said to Bid for #Abraaj Funds - Bloomberg

Boutique Firm Led by Ex-UBS Banker Said to Bid for Abraaj Funds - Bloomberg:

A boutique investment firm founded by former UBS Group AG banker Yassine Bouhara is bidding to buy funds managed by the collapsed Abraaj Group, according to a proposal letter and people familiar with the plans.

Tell Group SA is offering $25 million to transfer the management of seven Abraaj funds to a new entity that would be 20% owned by Tell and 80% by Abraaj’s unsecured creditors, according to the letter seen by Bloomberg and the people, who asked not to be identified because the discussions are private.

Unsecured creditors, which include Air Arabia PJSC and a Kuwaiti pension fund, would become shareholders in the new company through a debt-for-equity swap, according to the letter. Abraaj management wouldn’t be involved in the new firm, according to the proposal.