The Structured Credit Interview
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Capital preservation
Sharif Anbar-Colas, head of structured credit at Kartesia, answers SCI's questions
Q: How and when did Kartesia become involved in the securitisation market?
The Structured Credit Interview 9 October 2020
A: Kartesia has been involved in the securitisation market for more than 10 years and made investments in securitised products from the first fund raised in 2010. This involvement came from an appreciation of how the securitised tranches of portfolios were trading at a discount to the actual .......
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Conflict-free trading
Benjamin Arnold, founding partner and ceo of Meraki Global Advisors, answers SCI's questions
Q: How and when did Meraki Global Advisors become involved in the securitisation market?
A: Meraki Global Advisors was founded with the rebellious determination to deliver conflict-free trading to asset managers. Meraki is a global multi-asset outsourced trading and operations firm that was launched in April 2019.We identified a need among the more sophisticated multi-asset hedge fund community .......
The Structured Credit Interview 16 July 2020
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Investment democratisation
Stan Perromat, co-founder of Privatam, answers SCI's questions
Q: How and when did Privatam become involved in the securitisation market?
A: Privatam was founded in 2014 with the aim of shaking up customised investments for wealth managers. Our four founders saw an opportunity to introduce technology and flexibility into a still quite traditional industry with no real independent actors.We wanted to simplify the process of customised .......
The Structured Credit Interview 25 June 2020
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Seductive specifieds
An investor's view
SCI spoke to Brendan Doucette, government bond portfolio manager of GW&K Investment Management in Boston. The firm has assets under management of $40bn, of which $1bn is invested in the MBS market. It invests only in GSE-backed bonds.
Q: Where do you see value in the MBS market at the moment Brendan?
We like owning mortgages versus Treasuries, .......
The Structured Credit Interview 18 June 2020
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Lift off
Francesco Di Costanzo, head of structured credit at Hoist Finance, answers SCI's questions
Q: How and when did you become involved with securitisation?
A: We are a licensed credit market institution, regulated as a bank, which gives us the advantage of low cost and consistent funding. However, this means, of course, that we are subject to bank capital requirements.
Over the years we have bought unsecured non-performing loan portfolios, to .......
The Structured Credit Interview 27 May 2020
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Persistent opportunity
Tor Trivers, md and head of the structured credit group at CDIB Capital, answers SCI's questions
Q: How and when did CDIB Capital become involved in the structured credit market?
The Structured Credit Interview 27 May 2020
A: CDIB Capital was established in 2006, as the private equity arm of China Development Financial, with the objective of deploying and diversifying the group’s proprietary capital outside of Taiwan. The firm has historically managed outside funds, but no credit-related assets until I joined in February .......
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Unlocking capital
Premod Thomas, ceo of Bayfront Infrastructure Management, answers SCI's questions
Q: Bayfront Infrastructure Management is seeking to help address an infrastructure financing gap in the Asia-Pacific region (SCI 29 April). Can you explain what you mean by this?
The Structured Credit Interview 30 April 2020
A: According to the Asian Development Bank, Asia will need approximately US$1.34trn annually in infrastructure financing between 2016 and 2020 to sustain economic growth. This represents approximately 6% of the region’s .......
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Real asset focus
Stephane Delatte, ceo and cio of Pierfront Capital, answers SCI's questions
Q: How and when did Pierfront Capital become involved in investment?
The Structured Credit Interview 1 April 2020
A: Pierfront Capital was established in 2016. We have deep experience and expertise in structuring private credit investments in the Asia Pacific, with an investment team with an average of 15-20 years of relevant experience, with specific expertise across the real assets sectors. Our first fund, PCMF, which was .......
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Closing the gap
Audentia Global investor relations head Sophia Vanco and chi...
Q: How and when did Audentia Global become involved in the capital relief trades market?
The Structured Credit Interview 26 March 2020
NM: Audentia was founded 2.5 years ago by its co-chief investment officers Fasil Nasim and Chris Newman, who had previously worked together in commodity finance at BNP Paribas, in response to the global trade finance market’s US$1.5trn funding gap (as per Asian Development Bank figures). Their .......
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Core qualities
Caroline Chen, svp and research analyst at Income Research &...
Q: How and when did Income Research & Management become involved in the securitisation market?
The Structured Credit Interview 9 December 2019
A: Income Research & Management is a privately-owned fixed income investment manager that serves institutional and private clients. The firm is headquartered in Boston and was founded in 1987 by managing principals John Sommers and Jack Sommers. Originally a credit-oriented manager, IR+M has been involved in .......
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Choose risk
Richard Robb, ceo of Christofferson, Robb & Company...
Q: How is CRC involved in the capital relief trade or risk sharing market?
A: We continue to invest in bilateral risk sharing transactions with European banks, as we have since 2003. Eighty-five percent of our deals are synthetic. Our AUM is around US$5bn, covering around US$80bn in reference assets.Q: Anything new?
The Structured Credit Interview 13 November 2019
A: Three years ago, we launched a .......
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Pursuing illiquidity premia
Corbin Capital ceo Tracy McHale Stuart and cio Craig Bergstrom answer SCI's questions
Q: How and when did Corbin Capital become involved in the securitisation market?
TMS: We’ve been involved in the securitised markets for roughly 13 years.In the early 2000s, the returns in structured credit were so compressed and we didn’t like the leverage profile required to generate our expected return targets, so we kept away. Then in 2007, we .......
The Structured Credit Interview 6 November 2019
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Single-source solution
Pat Jackson, ceo and founder of Sabal Capital Partners, answers SCI's questions
Q: How and when did Sabal Capital Partners become involved in the securitisation market?
The Structured Credit Interview 2 May 2019
A: I founded Sabal Capital Partners in February 2009, with the aim of focusing on the aftermath of the financial crisis and buying distressed commercial real estate debt. By 2014, we had purchased US$8.4bn of debt, representing approximately 5,000 loans. In the process, we’d built up a .......
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Landmark involvement
Michael Bennett, head of derivatives and structured finance...
Q: How and when did the World Bank Treasury become involved in the risk transfer market?
The Structured Credit Interview 25 April 2019
A: We became involved in insurance risk transfer in 2007 when we began to intermediate drought and other natural catastrophe swaps for member countries and regional facilities. We extended that work to the capital markets beginning in 2009 with the creation of our MultiCat .......
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Value investing
Tim Gramatovich, cio of Gateway Credit Partners, answers SCI's questions
Q: How and when did Gateway Credit Partners become involved in the securitisation market?
The Structured Credit Interview 23 April 2019
A: Gateway Credit Partners is the credit platform of B Riley Financial’s investment advisor subsidiary B Riley Capital Management and was established in March (SCI 26 March). Our strategy is to identify and acquire undervalued non-investment grade corporate credit securities and implement our portfolio management .......
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Maintaining flexibility
Fiona Walden, vp, credit and financial lines at RenaissanceRe, answers SCI's questions
Q: How and when did RenaissanceRe became involved in the securitisation market?
The Structured Credit Interview 22 February 2019
A: We were set up 25 years ago as a property catastrophe company. We have a long track record of credit reinsurance for our insurance company clients. More recently, we applied this knowledge and expertise to structured credit transactions - including significant risk transfer transactions - by providing .......
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Staying selective
David Heilbrunn, senior md and head of product development,...
Q: How and when did Churchill Asset Management become involved in the securitisation market?
The Structured Credit Interview 11 February 2019
A: Churchill was established in 2006 by The Bear Stearns Merchant Bank, the private equity affiliate of Bear Stearns. At the time, I was a senior member of the firm’s CLO business and, given my experience creating and working with successful middle market loan managers, I was .......
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Staying strong
MetLife Investment Management speaks to SCI about the year ahead
Q: What’s your general outlook for the structured finance sector in 2019?
William Moretti, head of structured finance, MetLife Investment Management: “On the whole, I’d say that structured finance is in a much better position to face another potential downturn than it was in 2007, before the last crisis. There have been a number of structural improvements to transactions and .......
The Structured Credit Interview 1 February 2019
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Finding the efficient frontier
Dominik Hagedorn, co-founder at Tangency Capital, answers SCI's questions
Q: How and when did Tangency Capital become involved in the ILS market?
The Structured Credit Interview 6 September 2018
A: Tangency Capital was launched in the autumn of 2017 by Michael Jedraszak, Kai Morgenstern and me, with the aim of offering institutional investors access to natural catastrophe risk akin to how reinsurers access the market and beyond what traditional ILS funds offer. Following an initial set-up .......
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Investor-led start-up targets capital market niches
Travis Miller, co-founder and joint md of iPartners, answers SCI’s questions
Q: How did iPartners become involved in the market?
A: We were observing a broad range of fintech firms launching with a technology and product focus which struck us as a “build it and they will come” approach; it was not obvious that any were investor focused.
The driver .......
The Structured Credit Interview 30 April 2018
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Embracing a tactical approach
David Moffitt, head of tactical investment opportunities at LibreMax Capital, answers SCI's questions
Q: How and when did LibreMax Capital become involved in the securitisation market?
The Structured Credit Interview 22 December 2017
A: LibreMax Capital was established in October 2010 by founding cio Greg Lippmann and founding president Fred Brettschneider, who previously worked at Deutsche Bank and Credit Suisse together. The firm - which focuses exclusively on .......
