Thursday, Dec 11, 2008
Gulf News
Dubai: Gulf Stream Asset Management, a US-based institutional asset manager of $3.8 billion (Dh13.9 billion) of corporate credit portfolios for global institutional investors, said it would expand its portfolio strategies by establishing a credit dislocation fund and a multi-strategy credit hedge fund.
The funds will buy debt at distressed prices amid forced asset sales by banks and investors.
The move is part of Gulf Stream's aggressive expansion strategy led by its majority stakeholder Istithmar World Capital, to capitalise on current market opportunities.
To further support the firm's growth, Gulf Stream has opened a New York City office and hired two experienced industry veterans to fill key leadership roles with the company.
Mark Zusy has been named chief financial officer and will manage the firm's New York office, and Sukai Liu has been appointed head of hedge fund portfolio management. The New York office is located in Park Avenue.
Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream.
"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," David Jackson, chief executive officer of Istithmar World Capital, said in a statement.
Strategy
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."
Zusy has served in various capacities with failed investment bank Lehman Brothers for 21 years before departing in May 2007.
Most recently, he was the managing director responsible for Lehman Brothers' collateralised debt obligations banking group involved with the origination, structuring and coordination of the distribution of funded transactions with a particular focus on the collateralised loan obligations business.
He was chairman of the Bond Market Association's collateralised debt obligations committee in 2006 and a founding member of the committee in 2002.
Prior to joining Gulf Stream, Liu was founder and president of Visor Alternative Investments LLC, a multi-strategy credit and relative value investment manager.
Previously, he was managing director and chief investment officer of CooperNeff Advisors Inc and head of alternative credit of Fischer Francis Trees and Watts, both subsidiaries of BNP Paribas.
Gulf News 2008. All rights reserved.
