Avoca Capital Holdings, a Dublin- based credit manager overseeing 6 billion euros ($7.9 billion), hired Stephen Holland from Abbey Capital Ltd. as director of sales and marketing focusing on North America.
“The changing European credit market dynamics brought about by the diminishing role of banks presents a number of opportunities which are finding interest among investors outside of Europe,” Chief Operating Officer Clayton Perry said in an e- mailed statement. “Avoca has seen increasing interest and demand from institutional investors in [North America] for the significant return and diversification opportunities available through the credit markets in Europe.”
Holland was most recently business development manager in charge of sales for the $4 billion Abbey Capital hedge fund in Dublin, and previously worked for Bank of Ireland Asset Management (U.S.) Ltd., spending 13 years working in North America, the company said in the statement.
Avoca hired Vaibhav Piplapure from Credit Suisse Group AG in February to head its structured and illiquid credit unit, managing allocations to Avoca’s 500 million-euro credit opportunities fund.
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