Resource America Builds Out Apidos Loan Platform

Resource Financial Fund Management, the financial services asset management division of Resource America, is building up its leveraged loan business.

  • 25 Mar 2005
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Resource Financial Fund Management, the financial services asset management division ofResource America, is building up its leveraged loan business. Formed at the beginning of this year and headed by industry veteran Gretchen Bergstresser, Apidos Capital Management will manage syndicated loans in collateralized loan obligations and other types of levered and non-levered vehicles.

"Resource America is in the business of asset management. They already offer structured products and had a comfort investing in the loan asset class," explained Bergstresser, president and senior portfolio manager. In the past week, Anne McCarthy and Phil Raciti have joined in senior analyst and analyst positions, respectively. McCarthy was previously a portfolio manager at INVESCO Senior Secured Loan Management for six years and prior to that worked at Merrill Lynch Asset Management. Raciti was an analyst at INVESCO for several years.

Bergstresser explained that loans are a natural extension of the Resource platform. "I was particularly excited about the opportunity at Resource America," she said. "There is a knowledge about the loan business and a commitment to funding growth. There is also an infrastructure with a host of investment banking relationships and the equity to contribute to vehicles." The company owns Ischus Capital Management, which closed its first CDO backed by real estate asset-backed securities at the end of last year and has a 50% stake in Trapeza Capital Management, which manages over $2.4 billion and repackages Trust Preferred Securities into CDOs. Additionally, Chairman Edward Cohen has owned regional commercial banks and is familiar with the asset class.

At the beginning of this month, Resource Capital Corp. was formed as a real estate investment trust and completed a $230 million private offering. Part of this capital will be used to invest in loan vehicles. Bergstresser, who was previously managing director and portfolio manager of MJX Asset Management, and prior to that the head par loan trader and portfolio manager at Eaton Vance Management, said several more hires are anticipated in the coming weeks. Steven Kessler, senior v.p. and cfo, described Bergstresser as an excellent addition, but could not provide further comment by press time.

  • 25 Mar 2005

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4 Barclays 166,062.82 634 6.03%
5 Goldman Sachs 162,877.27 537 5.92%

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5 Credit Agricole CIB 18,157.63 105 5.08%

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1 JPMorgan 12,578.87 55 8.17%
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5 Morgan Stanley 10,194.88 57 6.62%