11 December 2008
Gulf Stream Asset Management, a subsidiary of Istithmar World Capital, yesterday said it had launched two distressed funds. It also announced the opening of its office in New York City and appointment of two senior executives there.
The company, a United States-based institutional asset manager of $3.8 billion of corporate credit portfolios for global institutional investors, has expanded its portfolio strategies by establishing a credit dislocation fund and a multi-strategy credit hedge fund.
The firm announced the appointment of Mark Zusy as Chief Financial Officer to manage the firm's New York office. Sukai Liu has been appointed head of hedge fund portfolio management.
Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream.
David Jackson, Chief Executive of Istithmar World Capital, said: "As we did last spring, we continue to see unparalleled growth opportunities in the market for credit and credit-related investments. Expanding Gulf Stream's offerings, adding to its senior-level expertise and opening an office in New York City supports Istithmar World's global strategy for unlocking growth and expansion in credit-related investment activities."
Outlining the strategy behind the expansion, Mark Mahoney, President of Gulf Stream Asset Management, said: "The current market presents a historic level of relative value in the credit markets, which affords us the opportunity to broaden the company's investment activities, welcome two industry leaders and open our New York office.
"The entire firm and our institutional clientele will benefit from the extensive background and investment expertise that Mark and Sukai bring to Gulf Stream. We look forward to capitalising on their intelligence and commitment far into the firm's future."
Zusy joins Gulf Stream with more than 25 years of broad capital markets experience with senior roles in the securitisation of various credit and mortgage related products, structured products and additional experience in primary capital markets and derivative business. Zusy has served in various capacities with Lehman Brothers for 21 years before departing in May 2007.
Prior to joining Gulf Stream, Liu was founder and President of Visor Alternative Investments, a multi-strategy credit and relative value investment manager.
Gulf Stream Asset Management, a subsidiary of Istithmar World Capital, yesterday said it had launched two distressed funds. It also announced the opening of its office in New York City and appointment of two senior executives there.
The company, a United States-based institutional asset manager of $3.8 billion of corporate credit portfolios for global institutional investors, has expanded its portfolio strategies by establishing a credit dislocation fund and a multi-strategy credit hedge fund.
The firm announced the appointment of Mark Zusy as Chief Financial Officer to manage the firm's New York office. Sukai Liu has been appointed head of hedge fund portfolio management.
Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream.
David Jackson, Chief Executive of Istithmar World Capital, said: "As we did last spring, we continue to see unparalleled growth opportunities in the market for credit and credit-related investments. Expanding Gulf Stream's offerings, adding to its senior-level expertise and opening an office in New York City supports Istithmar World's global strategy for unlocking growth and expansion in credit-related investment activities."
Outlining the strategy behind the expansion, Mark Mahoney, President of Gulf Stream Asset Management, said: "The current market presents a historic level of relative value in the credit markets, which affords us the opportunity to broaden the company's investment activities, welcome two industry leaders and open our New York office.
"The entire firm and our institutional clientele will benefit from the extensive background and investment expertise that Mark and Sukai bring to Gulf Stream. We look forward to capitalising on their intelligence and commitment far into the firm's future."
Zusy joins Gulf Stream with more than 25 years of broad capital markets experience with senior roles in the securitisation of various credit and mortgage related products, structured products and additional experience in primary capital markets and derivative business. Zusy has served in various capacities with Lehman Brothers for 21 years before departing in May 2007.
Prior to joining Gulf Stream, Liu was founder and President of Visor Alternative Investments, a multi-strategy credit and relative value investment manager.
By Staff Writer
© Emirates Business 24/7 2008
