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Sankaty to buy JPMorgan debt portfolio for $1 billion - FT

Reuters
A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

(Reuters) - Bain Capital's credit arm, Sankaty Advisors, is buying the debt portfolio of JPMorgan's principal investment group for more than $1 billion (589 million pounds), the Financial Times reported.

Sankaty won an auction for JPMorgan Chase & Co's (JPM.N) Global Special Opportunities Group portfolio, which contains junior loans in North America and Europe as well as securities in Asia and Australia, the newspaper said. (http://on.ft.com/1AnRNHZ)

The deal is set to be announced on Monday, FT said.

Sankaty, which has $24 billion (14.13 billion pounds) under management, is likely to hire many of the JPMorgan employees who built the portfolio, the report said.

(Reporting by Supriya Kurane in Bangalore; Editing by Gopakumar Warrier)