The Structured Credit Interview
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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 .......
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Towards greater transparency
This week, Miguel Ramos Fuentenebro, managing partner at Was...
Miguel Ramos Fuentenebro Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 15 November 2006
A: Washington Square has been involved in the structured credit markets since its launch in 2003. The philosophy of the firm has been to combine our experience in fundamental credit analysis and structured products to .......
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Taking a quantitative approach
Mark Boyadjian, head of Franklin Templeton's floating rate d...
Mark Boyadjian Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 8 November 2006
A: The Franklin Advisers' Floating Rate Debt Group became involved in structured credit in 2000. We had already been involved in the loan asset class for three years by then through our continuously offered closed end .......
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Fundamental value and values
This week, Keith Ashton, head of structured credit at TIAA-CREF, answers SCI's questions
Q: When, how and why did you/your firm become involved in the structured credit markets?
A: TIAA-CREF has been active in structured credit almost from the markets' inception. In 1990, TIAA-CREF formally established a structured securities group with a mandate to develop a structured products platform and invest aggressively in this new and developing asset class.We approach structured credit from .......
The Structured Credit Interview 1 November 2006
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Correlating opportunities
This week, Eric De Sangues, chief investment officer at Avendis Capital, answers SCI's questions
Eric De Sangues Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 25 October 2006
A: Four of us, all arbitrageurs, set up the company in February 2001. Two had a fixed income background with experience in Cash CDOs and other forms of securitisation and two came from the equity .......
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Four sector fund management
This week, Zoë Shaw, managing partner and ceo of Ne...
Q: When, how and why did you/your firm become involved in the structured credit markets?
Zoë Shaw
A: New Bond Street Asset Management (NBSAM) was incorporated in May 2004. Six of the firm's eight partners came from Bankgesellschaft Berlin (BGB) – so we were effectively a team move – and all eight of us are ....... The Structured Credit Interview 4 October 2006
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Efficiently matching investors' desires
This week, Andrew Donaldson, ceo of credit-specialist asset...
Andrew Donaldson Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 27 September 2006
A: From Credaris's perspective, participation in the structured credit market wasn't really optional – it was part of the firm's original gene code. Let me explain: the investment mandate which the firm was formed on was .......
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Third party managers
This week, Marcus Klug, md of Omicron Invest Management, answers SCI's questions
Marcus Klug Q: When, how and why did you/your firm become involved in the structured credit markets?
The Structured Credit Interview 20 September 2006
A: Our team began by working at UNIQA Alternative Investments, which was the structured credit investment management arm of UNIQA insurance group in Austria. We started investing in CDOs back in 1999 purely because we wanted .......
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Independent investors
This week, Daniel Riediker, partner and ceo of Alegra Capital, answers SCI's questions
Daniel Riediker Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 13 September 2006
A: All four of Alegra Capital's partners were working for the same financial group – Centre Solutions, Zurich – and were involved in big ticket structured credit transactions, including securitisations. We had .......
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The protection sellers
This week, Tom Jasper, ceo of Primus Guaranty, answers SCI's questions
Q: When, how and why did you/your firm become involved in the structured credit markets?
Tom Jasper
A: After leaving Salomon Brothers, where I had among other things chaired Salomon Swapco, its derivatives product company (DPC), I met Jay Shidler in the fall of 1999. Jay is a very creative thinker and was trying ....... The Structured Credit Interview 6 September 2006
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From the very beginning
This week, Matthew Natcharian, md and head of Babson Capital...
Matthew Natcharian Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 23 August 2006
A: We have been involved in credit since the 1950s, when as part of a US insurance company we primarily invested in mortgages, real estate and corporate credit. The latter started out mainly focussed on private .......
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Investment and management
Pierre Emmanuel Juilliard, head of Structured Finance, AXA IM, answers SCI's questions this week
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Pierre Emmanuel Juilliard Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 16 August 2006
A: We have been involved in structured credit since the early 1990s - initially it was a tactical move to spice up our fixed income portfolios. We bought our first ABS in 1992; our first .......
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Building on a strong platform
This week, David Littlewood, director and one of the foundin...
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David Littlewood Q: When, how and why did your firm become involved in the structured credit markets?
The Structured Credit Interview 9 August 2006
A: Cairn Capital was formed in 2004 by a group of market professionals who had many years of experience across the credit markets, with the aim of focussing that experience from an independent platform for .......