Onex Hires Former RBS Debt Trader Connors for Firm’s Credit Unit
Connors joined Onex Credit Partners LLC’s Englewood Cliffs, New Jersey, office at the end of July, according to Michael Gelblat, the unit’s chief executive officer. Before RBS (RBS), Connors was a senior managing director at Bear Stearns Cos., Gelblat said in an e-mail. Connors has mainly focused on buying and selling distressed debt.
Onex, founded by Gerald Schwartz, manages about $11 billion from external clients as well as about $5.4 billion of its own capital, according to its website. Its credit unit employs about 20 people and oversees long-short strategies and leveraged loan-focused funds, according to the website.
The lowest-rated high-yield bonds have performed better than any other tier of corporate debt, gaining 7.5 percent this year after a 20.3 percent return in 2012, according to Bank of America Merrill Lynch index data. Leveraged loans, which have attracted record volumes of cash from individual investors this year, have returned 12.7 percent since 2011, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 Index.
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