People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm’s expansion. Elsewhere, Hildene Capital Management has snapped up a Jefferies executive as head of capital markets, while Axonic Capital has promoted its head of credit to the newly created role of co-cio. 

David Hirschmann and Ariadna Stefanescu have been appointed co-heads of Permira Credit. In their new roles, the pair are responsible for overall leadership of the business as the firm embarks on what it describes as “ambitious growth plans” for 2024 and beyond.

Hirschmann, who joined Permira Credit in 2015 and has over 25 years of experience in European private credit, has led the growth of Permira Credit’s direct lending business from an AUM of €1bn in 2015 to approximately €12bn today. In his new role, he has primary responsibility for private credit, including both direct lending and strategic opportunities. Prior to joining Permira Credit, Hirschmann was an md at Babson Capital Europe, where he was responsible for sourcing and transacting opportunities and was a member of the private debt investment committee.

Stefanescu joined Permira Credit at its inception in 2007 and has 20-plus years of European credit experience. Since joining the firm, she has been involved in all Permira Credit strategies and in recent years, as head of liquid credit, she focused primarily on growing the platform’s business across CLO management - with nine Providus CLOs issued since 2018, today representing €3.5bn of AUM - and structured credit.

Stefanescu also oversees the firm’s multi-strategy credit offering and serves on the CLO management and structured credit investment committees. Prior to joining Permira Credit, she worked at JPMorgan in both the leveraged finance and the high yield capital markets teams.

As part of the leadership transition process, mds Jens Bauer and Claire Harwood have been appointed co-heads of the direct lending investment team.

Meanwhile, Robert Leary, former ceo at ING Investment Management, Nuveen and The Olayan Group, has joined Arrow Global as chair of the board of directors. In the new role, Leary will oversee Arrow’s expansion strategy, as the firm aims to become a leading European alternative asset manager.

Leary stepped down from his position as independent director at London-based insurance group RSA in June after two years with the business. He left his previous position as group ceo at Olayan in July 2019 after two years in which he led the development of the business from a family-managed to a family-governed organisation. Leary currently holds non-executive seats on the board at Citizens Financial Group, Intact Financial Group and Voya Financial.

Atalaya, the alternative investment management firm with US$10bn AuM, has appointed Jeff Fields as president of Atalaya Leasing, the equipment-backed investment arm. He joins Atalaya from his position as ceo of Chesswood Capital Management, a subsidiary of a public specialty finance firm focused on equipment leasing.

In his role at Atalaya, which is newly created, Fields will work alongside Rana Mitra, md and head of leasing. It is hoped that Fields’ experience will help extend the reach of Atalaya as direct lender to end-users and as a financing partner for originators. Before Chesswood, Fields spent 22 years at RBC Capital Markets in a number of leadership positions across multiple asset classes.

Axonic Capital has promoted partner and head of credit Matt Weinstein to the newly created role of co-cio, based in its New York office. He will work alongside founder and co-cio Clay DeGiacinto, overseeing investment management, trading, asset allocation and sector allocation.

Weinstein joined the US$4.3bn securitised credit and commercial real estate asset manager in 2012, leaving his role as svp on Macquarie Capital’s CMBS principal investing team. He previously worked at Spartan Real Estate Capital and Bear Stearns.

Chorus Capital has promoted Elena Cosic to md, head of credit analysis. Cosic was previously an md in the investment team at the firm, which she joined in March 2020. Before that, she was a director at MUFG, managing a team of credit analysts.

Citi has promoted a pair of London-based ABS financing and securitisation vps to director. Ismini Petrides rejoined Citi from Mizuho in November 2018, after a brief stint the firm in 2013. Liesel Schuler joined the firm in July 2014, having previously interned at Deutsche Bank.

CRED iQ has recruited CRE and CMBS veteran Rick Fontana as a senior advisor in its product team. Over his career, he has served in leadership roles at Fortis Investments, TD Securities and Bloomberg. The move coincides with the opening of the firm’s new global headquarters in Wayne, Philadelphia.

Daiwa Capital Markets America has recruited Michael McCarthy to launch its new agency CMO trading desk. McCarthy brings extensive experience in both agency and non-agency CMOs to the new role, including previously building a new issue CMO business from the ground-up at RBC Capital Markets in 2009. The industry veteran joins Daiwa in New York from MUFG where he most recently served as head of macro trading.

Hayfin Capital Management has received in-principle approval to open a new representative office in the Dubai International Financial Centre (DIFC). Jack Richardson, principal, partner solutions will be permanently based in the DIFC office and will work closely with Camilla Coriani, md, partner solutions, who will oversee efforts in the region. With an established local presence, Hayfin aims to enhance its coverage in the UAE and Middle Eastern markets and consolidate local investor relationships.

Hildene Capital Management has hired Jefferies’ Jason Schechter as head of capital markets. He will report to Hildene president and co-cio Brett Jefferson and co-cio Dushyant Mehra.

Schechter leaves his role as global head of CLO origination and US CLO trading at Jefferies after 13 years with the business. Prior to Jefferies, he was the global head of CLO trading and co-head of CLO origination at UBS, where he was responsible for re-starting the CLO origination effort. He also worked at Lehman Brothers, Barclays, Morgan Stanley and Greenwich Nat West (NatWest Markets).

Leadenhall Capital Partners has recruited Yuko Hoshino as senior md for Japan and Asia, within its business development team, reporting to managing partner and deputy ceo Lorenzo Volpi. She was previously partner and head of Japan/Asia at Securis Investment Partners and has over 27 years of experience promoting investment strategies including ILS, structured credit and fixed income alternatives to institutional investors.

Stuart Watson has joined Ogier Global as a director to lead the growth of its UK corporate and fiduciary services offering. Watson is a specialist in capital markets and structured finance and sits on many company boards - in particular those of SPVs - in both an executive and non-executive capacity. He has a particular focus on corporate services and real estate.

PGGM has promoted Niels Las to director, credit risk sharing investments. He was previously associate director at the firm, which he joined in May 2018 as a junior investment manager. Before that, Las was an analyst at impact investment consultancy Nederlandse Investeringsinstelling.

And finally, Guernsey-based fund manager Sarnia Asset Management has appointed Harald Berlinicke as partner – manager selection. Over the past nine years, Berlinicke has worked as director for alternative investments at Scope Group. Earlier on in his career, he was partner and senior portfolio manager at New Bond Street Asset Management and head of structured credit investments at Bankgesellschaft Berlin.