The Structured Credit Interview
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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 .......
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Stressed emphasis
Bruno de Pampelonne, ceo of Tikehau Investment Management, answers SCI's questions
Bruno de Pampelonne Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 12 March 2008
A: Tikehau Capital, our parent, was established three years ago by Antoine Flamarion, an ex-Merrill Lynch/Goldman Sachs professional, as an opportunistic investment company based in Paris. The 14-member Tikehau Investment Management (TIM) team has significant .......
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Income-driven alpha
Mark Cernicky, enhanced credit portfolio manager at Aviva Ca...
Mark Cernicky Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 20 February 2008
A: Aviva Capital Management (ACM) began investing in single name, investment grade corporate credit default swaps (CDS) in 2001 and high yield, bespoke portfolios of CDS and CDS indices in 2004 for clients with targeted investment .......
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Observing the cycles
Jamie Stuttard, head of structured credit at Schroders, answers SCI's questions
Jamie Stuttard Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 23 January 2008
A: The current overall team has managed credit at Schroders since 1998. Our CIO joined in 1998, our head of global credit research in 2000 and our head of credit strategy in 2000; I'm in my .......
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Value participation
Hans-Michael Schania, CDO management, Alex Tsymbal, US ABS a...
Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 10 October 2007
A: Aurelius Capital is 100% owned by its employees and was founded in November 2006 after 18 months of negotiation with an institutional investor (a financing arm of an Austrian province that manages all the financing for the State of Lower Austria), which wanted to outsource .......
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What goes around
Mark Gold, senior partner at Hillmark Capital, answers SCI's questions
Q: When, how and why did you and your firm become involved in the structured credit markets?
The Structured Credit Interview 19 September 2007
A: I first got involved in structured credit as an adjunct to the credit and loans business of the firm I was working for in 1990 – Chancellor Capital Management, formerly CitiCorp Investment Management – when we put together one of the first CLOs .......
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Deriving value
Fabiana Gambarota, chief investment officer at P&G A...
Fabiana Gambarota Q: When, how and why did you and your firm become involved in the structured credit markets?
The Structured Credit Interview 29 August 2007
A: P&G Alternative investments was incorporated in 2004 as a specialised player in asset-backed securities. However, the P&G team has been involved in the structured credit market as a unit since 2001 when we .......
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All in the timing
Christiane Elsenbach, a managing partner at Mayflower Finance, answers SCI's questions
Q: When, how and why did you and your firm become involved in the structured credit markets?
A: Mayflower Finance was set up as a company in July 2006, but the founding partners have been involved in the structured credit markets since their inception. There are three founding, and now managing, partners – Dirk Röthig, Enno Balz and myself.Dirk Röthig .......
The Structured Credit Interview 22 August 2007
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Manager-squared
James Smigiel, head of fixed income, Gregory Soeder, portfol...
Q: When, how and why did you and your firm become involved in the structured credit markets?
The Structured Credit Interview 11 July 2007
A: SEI has participated in the structured credit markets for the better part of a decade with our involvement best characterised as a bottom up, opportunistic approach within our broader credit platform. From a strategic perspective, however, the firm's involvement in structured credit began, .......
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Modern investment management
Andrew Crawford, executive director investment grade credit,...
Andrew Crawford Q: When, how and why did you and your firm become involved in the structured credit markets?
A: Managing structured credit products was a natural evolution for Threadneedle. Our fund managers were accustomed to using credit derivatives for relative value assessment and price discovery.As our fixed income desk grew to .......
The Structured Credit Interview 27 June 2007
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Absolute understanding
Campbell Smyth, a portfolio manager at Absolute Capital, answers SCI's questions
Campbell Smyth Q: When, how and why did you and your firm become involved in the structured credit markets?
The Structured Credit Interview 6 June 2007
A: Absolute Capital has been involved in the structured credit markets since the company's inception in 2001 with the founders and senior staff being involved in the market prior to joining Absolute Capital. Structured credit .......
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Trading migration
This week, Maple Securities (UK) answers SCI's questions
Q: When, how and why did you become involved in the structured credit markets?
The Structured Credit Interview 2 May 2007
A: Maple has been trading proprietary strategies since our inception in 1986. From proprietary trading we developed a successful structured products business. Credit trading was an opportunity for us to employ intellectual capital acquired from our proprietary trading experience and structured products capabilities. So, when a credit .......
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Process oriented investors
This week, Markus Kroll, principal at Palomar Capital Advisors, answers SCI's questions
Markus Kroll Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 11 April 2007
A: Palomar Capital Advisors was formed in early 2003 by veterans of the credit and securitisation markets aiming to broker, structure and manage structured credit investment products. By that time, the tremendous success of credit derivatives .......
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At the forefront
This week, Lou Lucido group managing director of the Credit...
Q: When, how and why did you and your firm become involved in the structured credit markets?
Lou Lucido
A: TCW began issuing CDOs in the mid-1990s, initially focusing on cash-flow CDOs of emerging market debt, high yield, bank loans, and investment grade fixed income. The firm's Mortgage-Backed Securities Group subsequently launched and managed a ....... The Structured Credit Interview 4 April 2007
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Managing collateral and more
Peter Vinella, president and ceo of Wilmington Trust Conduit Services, answers SCI's questions
Peter Vinella Q: When, how and why did you and your firm become involved in the structured credit markets?
The Structured Credit Interview 14 March 2007
A: Prior to joining Wilmington Trust I ran my own risk management consultancy and between 2000 and 2004, about 90% of our business was Basel-related credit risk management implementations. We got heavily involved in .......
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Successfully diversifying mortgage risk
Grant Harris, a fund manager in the Funds Management divisio...
Q: When, how and why did your firm become involved in the structured credit markets?
Grant Harris
A: MFS Investment Management (MFSIM) became involved in the structured credit markets at the beginning of 2006 through an arrangement with a local broker that provides access to bespoke structured credit products such as CDOs. MFSIM's reasons for ....... The Structured Credit Interview 14 February 2007
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Expanding horizons
James Rothman, senior managing director - structured credit at ACA Capital, answers SCI's questions
James Rothman Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 31 January 2007
A: Our origins are as a financial guaranty insurance company and financial guarantors take financial risks on fixed income and related instruments. As the derivatives market has evolved, the transfer of risk through such instruments has .......
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Emerging issues
This week, Søren Rump, md, EM & structured...
Søren Rump Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 17 January 2007
A: Sydbank got involved in the structured credit markets as an investor in CDOs in 2001. We mainly did this to get exposure to sectors of the credit market where we didn't have a lot of .......
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Focussing on the details
This week, Dean Smith senior portfolio manager at Highland F...
Dean Smith Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 13 December 2006
A: Our firm and our professionals have been involved in structured credit for many years. For example, we executed some of the earliest ABS CDOs. Unlike many other deals in the 2000 and 2001 vintages, however, .......
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Offering investors diversity
This week, Dagmar Kent Kershaw head of structured credit pro...
Dagmar Kent Kershaw Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 6 December 2006
A: We were one of the first entrants into the European CDO market, closing our inaugural transaction in early 2001. Prudential M&G is one of the largest institutional credit investors in Europe, and our philosophy .......
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Leveraging loans
This week, Nicolas Bravard, partner of Alpstar Management's...
Nicolas Bravard Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 29 November 2006
A: We have been involved in structured credit since Alpstar's hedge fund business was established in 2002. Our hedge funds invest in the full range of levered credit products, but we also manage CLOs and derivative products .......
