Babson Capital Europe
Cairn Capital While CDO manager replacements have been the talk of the industry for months, only a handful of managers have actually stepped up to the task. Cairn has carved out a niche in Europe as the only manager to do so to date. Even more significantly, the manager has taken over mandates of companies based in the U.S., leveraging its name abroad and strong U.S. and European ABS businesses. As a result, in April Cairn took over the $1.2 billion White Marlin CDO after Stamford, Conn.,-based Sailfish Capital Partners exited the CDO business. And just this month it emerged Cairn will also replace Minneapolis, Minn.-based Long Lake Partners on the $600 million Stillwater 2006-1.
Cairn is also seen as a savvy credit manager, rejiggering its Cairn High Grade Funding I structured investment vehicle last August when other SIV managers were hoping the credit crunch would just go away. Cairn has also been appointed advisor to the Golden Key SIV formerly run by Geneva-based asset manager Avendis. Cairn's executive management committee is composed of David Henriques, David Littlewood, James Starkey, Paul Campbell, Robert Pierce Jones and Tim Frost.