Andrew Bellis, who ran the collateralized loan obligation business at Credit Suisse Group AG (CSGN), is leaving the bank, according to people with knowledge of the discussions.
Brad Larson, who is based in New York, will now run the global CLO origination group, said the people, who asked not to be identified because the change hasn’t been made public. He was previously in charge of arranging new-issue CLOs in the U.S. Michael Kurinets continues to be head of secondary trading of the securities.
Steven Vames, a Credit Suisse spokesman, declined to comment. Bellis, who is based in London, didn’t return an e-mail and two telephone calls seeking comment.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
Credit Suisse arranged two of the funds backed by widely syndicated loans in the U.S. this year, including a $514 million CLO for Apollo Global Management LLC (APO) that priced last week, according to data compiled by Bloomberg. The bank also arranged two CLOs last year.
The bank arranged a $361.9 million fund for ING Alternative Asset Management LLC earlier this year, according to the data.
There have been $13.9 billion of such CLOs raised this year compared with $11.7 billion for all of 2011, according to Bloomberg data.
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