NEW YORK (Bloomberg) — Primus Guaranty Ltd. hired investment bank Berkshire Capital Securities LLC to help it find a strategic partner to acquire its approximately $3.5 billion credit investment management business, according to a person familiar with the discussions.

The business includes eight collateralised loan obligations of about $2.8 billion, approximately $600 million of collateralised swap obligations and three hedge funds with more than $100 million of assets, said the person, who declined to be identified because the discussions are private. Bids for the business are due this week, the person said.

Steven Kennedy, a spokesman for Bermuda-based Primus, declined to comment. A Berkshire spokeswoman didn't immediately return a telephone call seeking comment.

The company plans to grow its asset management unit's market position, it said May 13 during a first-quarter earnings call. In May 2009 Primus, which is led by chief executive officer Thomas Jasper, acquired CypressTree Investment Management LLP, manager of about $2.4 billion of debt.

"We're very encouraged by the continuing improvement we're seeing in the credit market, which is bringing investors who have been on the sidelines back onto the playing field," Jasper said on the call. "This is broadening the base of potential investors, which should help us to attract third-party capital and in turn generate a higher level of assets under management and fee income."