New Macro Buyer Will Put Outside Assets To Work

Third Wave Global Investors, a new macro investor run by a former global chief investment officer at Credit Suisse Asset Management, is expected to open up to outside investors in the next few months and plough new money into the fixed-income market, according to an individual familiar with the manager's plans.

  • 18 Feb 2005
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Third Wave Global Investors, a new macro investor run by a former global chief investment officer at Credit Suisse Asset Management, is expected to open up to outside investors in the next few months and plough new money into the fixed-income market, according to an individual familiar with the manager's plans. The strategy was launched at the end of September and is currently only managing seed capital.

Larry Smith, the former CSAM cio, holds a similar role at the Greenwich, Conn., manager. He declined to discuss its future plans for compliance reasons but explained its general strategy is to invest in assets across the globe, including fixed income and foreign exchange, based on quantitative and qualitative processes. Smith left CSAM in 2003 and had been out of the market before starting Third Wave last fall. An outsider said Smith is well regarded and anticipates he will be able to raise upwards of $100 million in assets in the coming months.

As for his strategy in fixed income and foreign exchange, Smith has recently been buying up 10-year Treasury futures and going long the Australian dollar and British pound because he believes these currencies are poised to appreciate most. He has been avoiding investing in corporate bonds because spreads are too tight but noted if valuations were to decline, he would be a buyer in the sector. The same goes for emerging market debt, where he said valuations appear frothy.

Third Wave Global expects to hire two investment professionals in the near term, with one of the hires to focus on economic research and the other to execute trades. Smith is partnered with Robert Birnbaum, chief operating officer, who was most recently at Columbia Management Group in Boston and previously worked with Smith at CSAM and at J.P. Morgan Investment Management.

  • 18 Feb 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 318,645.99 1207 8.88%
2 JPMorgan 291,870.93 1330 8.14%
3 Bank of America Merrill Lynch 285,392.08 993 7.95%
4 Goldman Sachs 218,480.36 718 6.09%
5 Barclays 210,235.01 814 5.86%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 33,092.37 151 6.77%
2 Deutsche Bank 33,007.84 106 6.75%
3 Bank of America Merrill Lynch 29,018.73 86 5.94%
4 BNP Paribas 25,718.39 146 5.26%
5 Credit Agricole CIB 22,722.30 133 4.65%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 18,707.17 72 9.33%
2 Morgan Stanley 15,215.44 76 7.59%
3 UBS 14,195.29 55 7.08%
4 Citi 14,014.57 86 6.99%
5 Goldman Sachs 12,113.98 67 6.04%