Credit Strategies to Heal Europe09.20.2011
European institutions call for credit strategies, driving the expansion of asset managers with credit expertise.
BlueMountain Capital Management, a private asset manager specializing in global credit strategies, with operations in New York, and London, has just hired David Rubenstein as chief executive of the firm’s London division, thereby, spearheading European clients.
Rubenstein joined the firm in 2006, and will now act as chief executive, in addition to his prior roles as global chief financial officer, and global general counsel.
“The continued expansion of the firm’s U.K. operations, illustrate the growing opportunities BlueMountain sees in Europe, as institutional investors demonstrate more interest in alternative credit strategies,” said a spokesman from the firm.
In addition to Rubenstein’s recent post, Noam Leslau, managing director, at BlueMountain will lead the business development team in Europe, focusing on enhancing the firm’s European and Middle East operations.
The firm has expanded its European team to 21 professionals. BlueMountain has also announced the appointment of two London-based senior credit analysts, Adam Feldheim and Jonathan Moore, who will work under the firm’s global head of research.
The firm is responding to European institutional investors’ increasing interest in alternative credit strategies, according to the spokesman. European institutions account for nearly half of BlueMountain’s investor base and total assets raised year-to-date.
“Our European investor base and assets under management are growing as pensions and institutions are increasingly becoming more comfortable with relative value credit strategies,” said Stephen Siderow, BlueMountain’s president and co-founder. The firm has spent seven years growing its presence in Europe.
“BlueMountain is committed to further expansion, and having David and Noam lead these efforts will help to ensure we realize this growth,” Siderow said.
Rubenstein is a member of the Founders’ Council of the Managed Funds Association and serves as the Chair of the OTC Advisory Group to its U.S. Legislative Policy Committee. He also is a member of the ISDA Credit Derivatives Determinations Committee—on which BlueMountain holds one of the five buy-side seats.
He succeeds Jeffrey Kushner, who is retiring from the asset management business.
Higher expected returns, redefined risk, and greater alpha are in the cards for this year.
The Pyth network is designed to bring real-world data on-chain on a sub-second timescale.
Jefferies and three fund managers will provide CLO equity capital and warehouse funding for new issues.
Pyth is built on a blockchain to handle receipt and distribution of fast-moving data.
CEO said significant loss relating to the failure of a US-based hedge fund is unacceptable.