Affiliated Managers Group sells its state to the Bermuda-based municipal bond and infrastructure insurer, for $91 million.

BlueMountain Capital has struggled in 2019. At the end of June, its flagship Credit Alternatives fund ‘s performance showed a 4% loss. Affiliated Managers Group said it was working to bring the fund back to profitability. The fund had cut its long-short equity and systematic equity programs.

And it hired 10 people to focus on investments like infrastructure, CLOs, fixed income, and healthcare.

But it wasn’t enough. Now, BlueMountain is under new management.

Andrew Feldstein to Stay at BlueMountain Capital

AMG previous wrote off a $415 loss earlier this year.

However, BlueMountain found itself heavily exposed to the sharp downturn of PG&E, the California utility found partially responsible for the wildfire that hit southern California.

Now, AMG has sold its stake in BlueMoutain Capital.

According to terms in the press release, Assured Guaranty will pay $160 million BlueMountain Capital Management. This deal includes roughly $114.8 million in cash. The rest will include Assured stock. Reports indicate that Assured will buy out the partners of firm.

“We are pleased to have had a good partnership with BlueMountain over many years, and also that we worked closely with our long-term partners at BlueMountain to achieve an outcome that is in the best interests of BlueMountain’s clients and employees and AMG’s shareholders,” said AMG CEO Jay Horgen in a press release.

Meanwhile, according to reports, BlueMountain co-founder Andrew Feldstein receives $22.5 million in Assured shares and the title of of CIO and head of asset management. Finally, Feldstein’s co-founder Stephen Siderow will remain at the firm as remain as co-President.