CDO Chief Moves To Hedge Fund Role

David Czerniecki, senior managing director and head of the global collateralized debt obligation platform at XL Capital Assurance, is leaving to take a position at XL Capital Investment Partners.

  • 08 Jul 2005
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David Czerniecki, senior managing director and head of the global collateralized debt obligation platform at XL Capital Assurance, is leaving to take a position at XL Capital Investment Partners. The entity is an affiliate of insurance parent XL Capital that handles its activities in the alternative investment class. Czerniecki, who has led the CDO platform for five and a half years, will focus on developing and underwriting structured products for the hedge fund market in his new role, according to an e-mail he sent to colleagues last week. "I will lead a business unit tasked with building a significant presence in the structured market for our hedge fund clients," he wrote. He was on vacation at the end of last week and did not return a call by press time.

Sarah Small, ceo of XL Capital Investment Partners, said Czerniecki's role is a new one and his position was created because the group plans to focus more on offering guarantees in the hedge fund arena. "We've done deals, what we've decided to do is put more resources against it." She declined to quantify its involvement up to now or forecast how active it will be with Czerniecki at the helm.

XL Capital Investment Partners is a three-pronged business. The other two groups advise its parent on all involvement in alternative assets and hold minority stakes in specialty asset managers. Small said it is currently a part-owner of eight firms, including Stanfield Capital Partners.

To replace Czerniecki, Sohail Rasul, managing director and head of XL's European CDO platform in London, will be relocating to New York.

  • 08 Jul 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 317,691.74 1201 8.90%
2 JPMorgan 291,227.96 1326 8.16%
3 Bank of America Merrill Lynch 285,088.11 991 7.99%
4 Goldman Sachs 217,749.25 714 6.10%
5 Barclays 209,291.80 811 5.87%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 32,320.82 147 6.67%
2 Deutsche Bank 32,259.50 104 6.66%
3 Bank of America Merrill Lynch 28,890.43 85 5.96%
4 BNP Paribas 25,663.29 144 5.30%
5 Credit Agricole CIB 22,617.86 130 4.67%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 18,160.85 71 9.15%
2 Morgan Stanley 15,215.44 76 7.67%
3 UBS 14,195.29 55 7.15%
4 Citi 14,014.57 86 7.06%
5 Goldman Sachs 12,113.98 67 6.10%