The Structured Credit Interview
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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 .......
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Using insurance to lay off risk
Alan Ball and Fiona Walden, senior underwriters leading the structured risk solutions team at Liberty Specialty Markets, answer SCI's questions
Q: How did Liberty Specialty Markets become involved in providing capital relief-driven transactions?
The Structured Credit Interview 2 November 2017
A: We're one of the leading insurers operating in the London insurance market, providing both specialty insurance and reinsurance. Our structured risk solutions team was set up just .......
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Deploying capital
Chris Redmond, global head of credit at Willis Towers Watson, answers SCI's questions
Q: How and when did Willis Towers Watson become involved in the securitisation market?
The Structured Credit Interview 20 February 2017
A: Willis Towers Watson has an international team conducting research of all credit managers and products, including securitised credit. While we had exposure to securitised credit via broad, generalist mandates beforehand, it was in the aftermath of the financial crisis when we started making dedicated, specialist allocations .......
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Structuring alpha
Robert Allard, founding partner and ceo at Firebreak Capital, answers SCI's questions
Q: How did Firebreak Capital become involved in the securitisation market?
The Structured Credit Interview 18 October 2016
A: Firebreak Capital is categorised as a private debt fund, but this means different things to different people. Our background is in structured products (including securitisation) and we're seeking to employ this skill-set across the private debt universe. A more appropriate label for the firm is a structured private debt .......
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Cross-asset conviction
Renaud Champion, head of credit strategies for La Fran&#...
The Structured Credit Interview 12 October 2015
Q: How and when did La Française Global Investment Solutions (LFGIS) become involved in the securitisation market?
A: LFGIS is the solutions business line of the La Française Group. LFGIS was established in late 2012 and is 35% owned by its founders - Sofiene Haj Taieb and Arnaud Sarfati - and key personnel; La Française is .......
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Value add
Rajat Rohailla, executive director at Molton Street Capital, answers SCI's questions
Q: How and when did Molton Street become involved in the structured finance markets?
A: We are a young firm, but all of our backgrounds are in trading, securitisation and risk management. We have been focused on structured finance since our inception and the firm brings together deep structured credit experience.Personally, I qualified as a .......
The Structured Credit Interview 17 September 2014
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Starting early
Ivan Zinn, founding partner and cio at Atalaya Capital Management, answers SCI's questions
The Structured Credit Interview 2 September 2013
Q: How and when did Atalaya become involved in the structured finance markets?
A: Atalaya Capital Management has been around for about eight years now. We started out in corporate credit, but over the last five years we have started to focus more on structured finance. We see greater opportunities in specialty finance and in some .......
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Holistic remedy
Jacob Lyons, md at CR Investment Management, answers SCI's questions
Q: How and when did CR Investment Management become involved in the CMBS market?
A: At the core of CR Investment Management's philosophy is the marriage of credit skills with the understanding and operation of underlying assets. Our focus is on real estate and shipping: both asset classes have similar dynamics and a similar client base.Also at the core of .......
The Structured Credit Interview 26 March 2013
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Intermediation advantage
Andrea Podesta, head of fixed income, and Armando La Morgia,...
Q: How and when did KNG Securities become involved in the structured finance markets?
The Structured Credit Interview 28 February 2013
AP: The KNG Securities model is based on generating cross-regional liquidity in the context of dislocated markets. We're currently moving onto phase two of our development, which is to enhance the range of products we offer. This involves bringing in specific expertise to further strengthen certain areas .......
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The big picture
Christopher Long, president at Palmer Square Capital Management, answers SCI's questions
The Structured Credit Interview 24 January 2013
Q: How and when did Palmer Square Capital Management become involved in the structured finance markets?
A: Palmer Square was really set up in 2009 to take advantage of opportunities within credit, allowing us to exploit many opportunities within structured credit. Fountain Capital Management, which we recently acquired a majority interest in (SCI 9 January), has .......
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Bridging the debt gap
Jonathan Rochford, portfolio manager at Narrow Road Capital, answers SCI's questions
The Structured Credit Interview 4 September 2012
Q: How is Narrow Road Capital involved in structured credit in Australia?
A: Narrow Road Capital is an Australian high yield and distressed debt asset management business, targeting investments primarily in loans, bonds, structured credit and listed notes. Structured credit is a key part of what we invest in, with the deal flow more regular and .......
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Asian access
Gregory Park, managing partner at Harvest Northstone Capital, answers SCI's questions
The Structured Credit Interview 14 August 2012
Q: How and when did Harvest Northstone Capital become involved in the Asian structured credit market?
A: Harvest Northstone Capital is a joint venture between Northstone Peak, the fund I established in 2011, and Harvest Alternative Investment Group. Harvest Alternative Investment is a wholly owned subsidiary of Harvest Fund Management Co, the second largest fund house .......
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Identifying asymmetries
Charlotte Valeur Adu, chair of Brevan Howard Credit Catalysts Limited, answers SCI's questions
Q: When and why did Brevan Howard launch a listed credit fund?
The Structured Credit Interview 19 July 2012
A: The Brevan Howard Credit Catalysts listed fund began trading on the London Stock Exchange on 14 December 2010 and now has US$172m assets under management. The listed fund, in turn, invests all of its assets in the US$2.5bn Brevan Howard Credit Catalysts Master Fund that commenced trading on .......
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Diversification benefits
John Wells, chairman at Leadenhall Capital Partners, answers SCI's questions
The Structured Credit Interview 14 June 2012
Q: How and when did Leadenhall Capital Partners become involved in the insurance-linked securities (ILS) market?
A: Leadenhall Capital Partners was established in May 2008, when Luca Albertini and I formed an investment management partnership with Amlin - the first such venture to be backed by a Lloyd's insurer. We were both previously involved with insurance-linked .......
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One-stop shop
Christian Bearman, coo at Valad Europe, answers SCI's questions
The Structured Credit Interview 11 June 2012
Q: How and when did Valad Europe become involved in CMBS workouts?
A: Originally founded in the 1960s, Valad Europe has grown through the acquisition of a number of local businesses in different regions to create one of the largest fully integrated real estate investment management platforms in Europe. In recent years, the company was listed .......
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Capital structure plays
Charles Kobayashi, portfolio manager at BlueMountain Capital Management, answers SCI's questions
The Structured Credit Interview 12 October 2011%20(2).jpg)
Q: How and when did BlueMountain Capital Management become involved in CLO management?
A: BlueMountain Capital Management was founded in 2003 with a focus on the credit derivatives and correlation markets. By 2005, the firm had expanded into cash loan assets, given their secured nature and low volatility. We also looked at launching a CLO to .......
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Alignment of interest
Deer Park Road Corp founder Michael Craig-Scheckman and md Will Bashan answer SCI's questions
Q: How and when did Deer Park Road become involved in structured finance?
The Structured Credit Interview 4 August 2011
M: I founded Deer Park Road in 2003 when I moved to Colorado, with the aim of continuing the relationships I had built in previous roles at hedge funds. Initially I was managing money for a very large New York-based hedge fund. By May 2008, we were running .......
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Mixing ABS management and consumer credit advisory
Jeroen Bakker, director at Cervus Capital Partners, answers SCI's questions
Q: How and when did Cervus Capital Partners become involved in the structured finance market?
A: Cervus Capital Partners launched on 1 July. I founded it along with two ex-IMC Asset Management colleagues - Felix Berger and Neil Tjin (see SCI 5 July).We thought it would be best to continue our activities in a new .......
The Structured Credit Interview 12 July 2011
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Credit opportunities
Greg Branch, cio at SCIO Capital, answers SCI's questions
Q: How and when did SCIO Capital become involved in the structured finance market?
The Structured Credit Interview 26 May 2011
A: SCIO Capital was incorporated in London in October 2009. The name was chosen as both an acronym for Structured Credit Investment Opportunity and its meaning in Latin, "I know and understand". SCIO's objective was then to fill a gap in the European structured credit market for .......
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Liquid access
Steven Grahame, fund manager, and Toby Hayes, assistant fund...
The Structured Credit Interview 18 April 2011
Q: How and when did Pacific Real Estate Capital Partners become involved in the property derivatives market?
SG: Pacific's Liquid Property Fund received FSA approval on 26 January and is, together with the Euro ActivIncome Fund and segregated accounts, part of Pacific Real Estate Capital Partner business. I was previously cio, alternatives real estate at Hermes .......
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Underlying strength
Jeff Herlyn, Michael Rosenberg and David Wishnow, principals...
Q: How did Tetragon come about?
The Structured Credit Interview 24 January 2011
JH: The idea for Tetragon came about because we are all big believers in the senior secured bank loan space, which has proved itself by weathering many different financial cycles, but saw that it was very difficult for institutional investors to access it. Even more importantly, it was even more difficult for equity investors to .......
