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Elliott Eyes Push Into Wall Street's Hottest Debt Trade

  • Hedge fund manager is said to consider becoming a CLO issuer
  • Firm has enlisted GoldenTree’s McNamara as a consultant
Updated on

Hedge fund Elliott Management Corp. is looking to expand its business in Wall Street’s hottest debt market.

The firm is considering packaging riskier corporate loans into bonds known as collateralized loan obligations, according to people familiar with the matter. The $35 billion hedge fund is building a team to assemble the deals and enlisted Brian McNamara, formerly at GoldenTree Asset Management, as a consultant to help with the effort, the people said. The plan is tentative and Elliott may yet elect not to proceed, said the people who asked not to be identified discussing a private matter.