GoldenTree Asset Management LP, a money manager overseeing about $18 billion in assets, hired Brian Marshall for business development focused on structured products.
Marshall joined as a managing director in New York, said Thomas Humphrey, head of business development at the New York-based firm, and to whom Marshall reports. He was previously a managing director at Barclays Plc.
There have been $61 billion of collateralized loan obligations raised globally this year, the most since 2007, according to JPMorgan Chase & Co. Wells Fargo & Co. says as much as $80 billion may be issued in the U.S. in 2013. GoldenTree has raised two such funds in the last three months. It was the 13th largest CLO manager in the U.S. by assets with $5.5 billion as of December 2012, according to a Feb. 28 Standard & Poor’s report.
“His experience and long track record of success in capital markets and investment banking reflects our continued commitment to grow our business and attract the best people,” Humphrey said of Marshall in an e-mailed statement.
GoldenTree invests in credit, specifically leveraged loans and high-yield bonds through hedge funds and CLOs, a type of collateralized debt obligation that pools high-yield, high-risk loans and slices them into securities of varying risk and return.
The firm raised a $195 million CLO with GreensLedge Capital Markets LLC and Natixis SA this month, according to data compiled by Bloomberg. In June it issued a 303 million-euro ($405.5 million) CLO with Morgan Stanley, according to the data.
GoldenTree announced additional hires this month, including another managing director in business development. James Clarke joined from Paulson & Co., where he held a similar position, according to an Aug. 19 news release.
It hired Said Saffari as a partner from ICE Canyon LLC to expand the firm’s emerging-market debt investments. The firm also announced Cee Sarabi, a money manager in the structured-products group in New York, will be transferring to the London office in September to lead the firm’s structured-products business in Europe, according to an Aug. 20 statement.
Marshall, in a newly created role, will have a broader mandate beyond structured products, working with new and existing clients, raising money for GoldenTree’s flagship funds, according to Scott Sunshine, an outside spokesman for the firm at Water & Wall Group.
Prior to joining GoldenTree he was a managing director in structured-credit products at Barclays. At the London-based bank he focused on structured-finance transactions and restructuring across the U.S. and European fixed-income markets, Sunshine said.
He began his career at Lehman Brothers Holdings Inc. and was named head of structured-credit sales in North America in 2007, Sunshine said.