Chimera Investment (CIM) said Thursday it has agreed to acquire alternative asset manager Palisades Group for $30 million in cash.
The company intends to complete the acquisition in Q4, Chimera added.
Upon deal completion, Palisades Chief Investment Officer Jack Macdowell will become Chimera's investment chief, the real estate investment trust said.
The deal is expected to be accretive to Chimera's earnings next year, Chimera's Chief Executive Phillip Kardis said.
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