David Schwartz, head of structured products marketing at Dresdner Kleinwort Wasserstein in New York, has resigned and plans to start a structured credit fund. Schwartz says the fund, Fairhaven Asset Management, will focus on investing in senior classes of risk across structured credit products, including cash and synthetic collateralized debt obligations.
Schwartz left DrKW two weeks ago to show his commitment to the project and to avoid any conflict of interest while working at the bank. He says he has spoken with several investors and expects to raise $50 million in the coming months. Fairhaven has yet to sign up to a prime broker, law firm or accountant.