LONDON, September 19, 2018 /PRNewswire/ --
TCIP Expands CLO Team
Tetragon Credit Income Partners today announces that Scott Snell has joined its CLO business. Snell, the former Co-Head of BlackRock's US CLO business, brings nearly 16 years of experience within the US CLO industry and structured credit markets.
"The CLO market continues to be a dynamic space presenting many interesting investment opportunities, both near and long-term, making it an exciting time to add an asset like Scott to our team," said Dagmara Michalczuk, Portfolio Manager in the TCIP team. "As we look to continue to grow in this space, Scott's nearly two decades of experience navigating this sector will be crucial to our expansion and continued success."
Snell added: "Since inception, Tetragon has been a leader in taking majority equity stakes in CLO transactions and forging deep relationships with CLO managers to deliver strong risk-adjusted returns for its investors. I am excited to become a part of this leading credit player and look forward to helping the firm succeed and grow, especially at this moment in the CLO industry."
As a Managing Director and Co-Head of Blackrock's US CLO business, Snell was responsible for asset selection, trading and positioning decisions within certain mutual funds and dedicated CLO separate accounts. Prior to joining BlackRock, Snell was a trader and portfolio manager at Oak Hill Advisors, specializing in structured credit investments. He began his career in financial services as a structured product research analyst at Lehman Brothers following his completion of his MBA program at the University of Michigan.
TCIP is owned by Tetragon Financial Group Limited and is one of the asset managers that comprise TFG Asset Management. Tetragon invests in both externally-managed CLOs and in CLOs managed by TFG Asset Management's LCM and TCIP businesses. A cornerstone of TCIP's approach has been to buy and hold a majority of the residual or "equity" tranches of CLOs which provide exposure to senior secured loans on a levered basis.
Tetragon, directly and through private equity vehicles managed by TCIP, has invested over $2.2 billion in CLO equity, across 97 CLOs managed by 32 managers since inception.
Tetragon is a closed-ended investment company that invests in a broad range of assets, including bank loans, real estate, equities, credit, convertible bonds, private equity, infrastructure and TFG Asset Management, a diversified alternative asset management business. Where appropriate, through TFG Asset Management, Tetragon seeks to own all, or a portion, of asset management companies with which it invests in order to enhance the returns achieved on its capital. Tetragon's investment objective is to generate distributable income and capital appreciation. It aims to provide stable returns to investors across various credit, equity, interest rate, inflation and real estate cycles. The company is traded on Euronext in Amsterdam N.V. and on the Specialist Fund Segment of the main market of the London Stock Exchange. For more information please visit the company's website at http://www.tetragoninv.com .
This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act as a collective investment scheme from a designated country.
Andy Merrill and Ciara Brinkmann