Loan manager Avoca spreads its wings with moves into credit and convertibles
Thu May 24, 2012
Fast-growing but low-profile €6 billion loan manager Avoca has embarked on a major drive to diversify its asset management platform with a series of high-level hires and additions to expand the business into the related areas of long/short credit funds, convertibles and structured credit
The acquisition last year by Avoca Capital of the well-established European credit hedge fund business run by former Ilex and Liontrust man Simon Thorp forms a key part of a wider strategy by the €6 billion European leveraged loan manager to diversify into related and complementary areas of investment opportunity across the credit and convertible markets.
Besides absorbing the long-standing long/short European credit operation that has been run by Thorp and his team since 2000 – with an unbroken track record of 10 positive years since 2002 – Dublin-based Avoca also hired last year an experienced team of convertible bond specialists that previously ran several billion dollars at Dutch pension fund giant APG.
In addition, the firm has kick-started a move into structured credit investing with the recent addition of former Credit Suisse European asset finance head Vaibhav Piplapure as head of...
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