Company hires and sector developments

ABL acquisition
Benefit Street Partners affiliate Business Development Corporation of America has acquired a controlling interest in asset-based lender Siena Capital Finance from Solaia Capital Advisors. Siena was founded in 2012 by an ABL team backed by Solaia consisting of professionals from Bank of Ireland subsidiary Burdale Capital Finance. Siena will operate independently as a portfolio company of BDCA, with affiliates of Solaia retaining a minority ownership interest in Siena. Solaia and BDCA intend to collaborate on future projects together.

CDO manager transfer
Dock Street Capital Management has assumed all the responsibilities, duties and obligations of collateral manager for the Jupiter High-Grade CDO, II and III ABS CDO deals from Maxim Advisory. Moody’s notes that the move will not impact its ratings on any of the notes issued by the transactions. For more CDO manager transfers, see SCI’s database.

CDS fund
Axiom Alternative Investments has launched Axiom Credit Opportunity, a market-neutral credit derivatives strategy fund that will be managed by Laurent Henrio - formerly global head of credit trading at Société Générale - who joined Axiom in September. The fund targets an annual net return of 12% and a Sharpe ratio greater than two, focusing on liquid investment grade and high yield credit in Europe and North America. The fund’s strategy aims to capture value arising from two principal sources: the structural price anomalies within the credit derivatives market and the opportunities created by the ongoing regulation that forces banks to reduce their risk and improve their return on equity. Henrio has over 16 years of experience in derivatives and will be supported by Adrian Paturle, portfolio manager at Axiom since its creation. 

Rating withdrawal
Moody's has withdrawn its B1 underlying rating on the class A7 whole business securitisation notes issued by Punch Taverns Finance B. Due to an internal administrative error, the underlying rating on these notes was not withdrawn on 9 October 2014, following the release of the financial guarantee on the class A7 notes due to restructuring.