Moelis & Co. said on Tuesday it acquired Gracie Credit, a multi-strategy credit management firm, as part of the New York investment bank’s efforts to expand its own asset-management business.

The purchase of the asset manager is expected to close by November. Gracie Credit will operate as a separate business within Moelis & Co.

Established in 2004 by Daniel Nir, Gracie has approximately $2 billion in assets under management. The firm has 30 employees, 18 of them investment professionals.

In connection with the transaction, each of the Gracie partners has entered into a long-term employment agreement with economic incentives and other provisions designed to keep the investment team intact.

Terms of the transaction were not otherwise disclosed.

Moelis & Co. acted as its own financial adviser and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as  Moelis & Co.'s legal adviser for the transaction. Barclays Capital acted as financial adviser for Gracie and Bingham McCutchen LLP was Gracie's legal adviser.