The Structured Credit Interview
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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 .......
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Emerging opportunities
David Hinman, cio, and Raymond Zucaro, managing principal at...
The Structured Credit Interview 15 September 2010
Q: How and when did your company become involved in structured finance?
DH: We were involved in structured credit at Drake, but now the firm has gone away, so these days we have our own firm and our mandate is pretty broad. We have a small and focused firm, which is essentially a long-short credit hedge .......
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Delivering premium returns
Sander Nieuwland, ceo of IMC asset management (IMCam), answers SCI's questions
Q: How and when did IMCam become involved in structured credit?
A: The asset management activity of IMC began in 1998, focusing initially on distressed debt and quickly expanding into ABS, with the launch of a number of funds and CDOs. The IMC Group was founded in 1989.IMCam was established in its present form two years ago when IMC bought .......
The Structured Credit Interview 18 August 2010
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Positioning for the future
Marjorie Hogan, senior portfolio manager at Capstone Credit Advisors, answers SCI's questions
The Structured Credit Interview 14 April 2010
Q: How and when did you become involved in the credit and MBS markets?
A: My first exposure to the MBS markets was in the late 1980s when CMOs were in their infancy. In 1986 I built an OAS model for First Boston, which was used to analyse relative value and estimate hedge ratios for fixed .......
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Leveraging experience
Sara Bonesteel, head of alternative products, and Mike Colli...
The Structured Credit Interview 23 December 2009
Q: How did Pramerica become involved in the structured credit market?
SB: Pramerica has been involved in fixed income for more than 100 years. Our management of fixed income goes back to 1875. In terms of structured credit, we have managed CLOs/CBOs since 2001 and we currently have 23 deals under management and have around 40 .......
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Strengthening the market
Jeffrey Kushner, ceo of BlueMountain Capital Partners (London), answers SCI's questions
The Structured Credit Interview 9 December 2009
Q: How and when did BlueMountain Capital Management become involved in the fundamental credit/derivatives markets?
A: Since inception in 2003, BlueMountain Capital Management has been a relative value, multi-strategy credit manager with a unique expertise in credit derivative products, markets and structres. We are active in many types of credit products, from cash bonds and loans, .......
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Participation rights
Jonathan Cohen, ceo of T2 Advisers, answers SCI's questions
The Structured Credit Interview 2 December 2009.jpg)
Q: How and when did T2 Advisers become involved in the structured credit market?
A: T2 Advisers serves as the investment adviser to Greenwich Loan Income Fund (formerly known as T2 Income Fund, before a resolution was passed to change its name at an EGM on 16 October). We are based in Greenwich, Connecticut, but the .......
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Repricing risk
Scott Roth and Patti Unti, principals at Ventras Capital Advisors, answer SCI's questions
Q: How and when did Ventras Capital Advisors become involved in the structured credit market?
A: All the Ventras principals and co-founders are former executives with Capmark Investments (see SCI issue 156). We lead the investment team, having previously served as co-heads of the securities team for Capmark.We have both been involved in the CMBS market since 1997, with experience .......
The Structured Credit Interview 11 November 2009
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Selling on detail
Rob Ford, partner and portfolio manager, and Mark Holman, ma...
Q: How and when did TwentyFour Asset Management become involved in the structured credit market?
MH: TwentyFour AM was launched in September 2008. The firm is young, but has old heads, many of whom have previously worked together - Rob and I spent seven years at Barclays Capital together, for example.We currently employ 11 people .......
The Structured Credit Interview 4 November 2009
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Finding opportunity in the eye of the storm
Vishal Bhutani, md at Structured Portfolio Management, answers SCI's questions
The Structured Credit Interview 21 October 2009
Q: How and when did Structured Portfolio Management (SPM) become involved in the structured credit/securitisation markets?
A: SPM has been involved with structured credit and securitisation since its beginnings in 1997. Best known for its work in the mortgage markets, SPM has a well-established, rigorous analytical framework for identifying and profiting from short-term displacements in markets .......
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Filling the void
John Uhlein, founder and managing principal of Grenadier Capital, answers SCI's questions
The Structured Credit Interview 7 October 2009
Q: How and when did Grenadier Capital become involved in the structured credit market?
A: I put together a team of six credit professionals, including myself, to fill the void created by both the decline of the financial guarantors and the loss of credibility by the rating agencies. My team has extensive credit assessment, valuation and .......
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Seeking beta
Scott Johnston, managing partner, and Simina Farcasiu, partn...
Scott Johnston Q: How and when did Belstar Group become involved in the structured credit market?
The Structured Credit Interview 27 May 2009
SJ: Belstar was founded in 2005 with a unique perspective: we believe that diversification is paramount in risk management and so we didn't want to offer cookie-cutter products. Our business has evolved into four different product lines: TALF .......
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New balance of power
Jerome Booth, head of research at Ashmore Investment Management, answers SCI's questions
Jerome Booth Q: How and when did Ashmore Investment Management become involved in the structured credit market?
The Structured Credit Interview 13 May 2009
A: Ashmore Investment Management was formed out of Grindlays Bank (which was bought in 1984 by ANZ), whose London unit made markets in emerging market debt. We then began taking on simple corporate restructurings in Latin America, .......
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Transforming risk and return
Jochen Felsenheimer, co-head of credit at Assenagon, answers SCI's questions
Jochen Felsenheimer Q: When did your company become involved in structured credit?
The Structured Credit Interview 21 January 2009
A: Assenagon just started to set up its credit business activities in January 2009 to provide institutional clients with asset and risk management solutions in the widespread area of credit, with the focus being clearly on credit derivatives and structured credit. The .......
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Seeking sustainable returns
Indranil (Neil) Basu, managing partner of Pearl Diver Capital, answers SCI's questions
Neil Basu Q: When did your company become involved in structured credit?
The Structured Credit Interview 14 January 2009
A: Pearl Diver Capital came together in September 2008, to take advantage of the dislocated credit markets. The objective is to build a business around a thorough understanding of corporate credit and provide investors the opportunity to participate in corporate credit, .......
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Moving down the complexity ladder
Ron D'Vari, ceo of NewOak Capital, answers SCI's questions
Ron D'Vari Q: When did NewOak Capital become involved in structured credit?
The Structured Credit Interview 17 December 2008
A: NewOak Capital was founded by James Frischling, previously head of structured credit products at Fortis Securities, and myself (I was previously head of structured finance at BlackRock) in 2008. The firm was created to provide independent and unbiased services in response .......
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Light at the end of the tunnel?
David Matson, md at IKB Fund Management, answers SCI's questions
David Matson Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 5 November 2008
A: IKB has been arranging and investing in leveraged loans to support private equity-sponsored leveraged buy-outs across Europe since the mid-1990s and structured its first Bacchus CLO to securitise these leveraged loans in 2006. Prior to .......
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Poised for action
Jason Pratt, md at Peritus Asset Management, answers SCI's questions
Jason Pratt Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 1 October 2008
A: Peritus Asset Management got involved in the structured credit markets in the wake of Enron and Worldcom in 2002. We're predominantly a high yield bond shop, and we put together our first HY cash bond-backed .......
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A differentiated approach
Paul Rivlin, joint ceo of Palatium Investment Management, answers SCI's questions
Paul Rivlin Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 10 September 2008
A: Palatium Investment Management grew out of the real estate investment banking business that Neil Lawson-May, Palatium joint ceo, and I set up at Deutsche Bank in 1997, which was sold to Eurohypo in 2002. Over .......
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Broadening horizons
Jack Lowe, ceo of BlueOrchard, answers SCI's questions
Jack Lowe Q: When, how and why did your firm become involved in the structured credit markets?
A: We decided to enter the structured credit market in 2004, when the company was relatively small. The idea was to use classic finance instruments to bring private funding to microfinance businesses.The first microfinance CLO, .......
The Structured Credit Interview 16 July 2008
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Syndicated returns
Donald Uderitz, chairman and chief investment officer of Van...
Donald Uderitz Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 28 May 2008
A: Vanquish Capital Group is a boutique investment advisor that was established in 2006 and traded with its own money until January 2007, when we launched the US$58m VCG Special Opportunity Fund to focus on .......
