In the firm's first asset management acquisition, NewStar Financial Inc. (Nasdaq: NEWS) is buying Feingold O'Keeffe Capital LLC for an undisclosed amount.

Boston-based Feingold manages $2.3 billion in assets and focuses on credit-oriented investment strategies, such as bank loans, high yield bonds and distressed debt. The firm's co-founders Andrea Feingold and Ian O'Keeffe will continue to lead the group, which will be renamed NewStar Capital.

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