Dyal Capital Partners and Waterfall Asset Management said on Wednesday that Dyal Capital decided to buy a passive minority interest in Waterfall Asset Management from M.D. Sass-Macquiarie Financial Strategies.

Dyal Capital Partners is managed by Neuberger Berman Group LLC. 

Waterfall Asset Managemment is a diversified alternative investment company based in New York. The firm has over US$2.3 billion worth of assets under its administration.

The deal will not affect Waterfall Asset's management, and will remain under the direction of its co-founders Tom Capasse and Jack Ross. Both of them will retain total control over the firm's business processes and investment plans.

"We anticipate that our relationship with the Dyal team will only strengthen our ability to provide leading investment solutions in structured credit and loans to our clients," said Ross.

Commenting on the acquisition, Managing Director of Dyal Capital Partners Michael Rees said "We are thrilled to be partnering with such an experienced team, who for years have been industry leaders."