Mariner Investment Group has hired Hoggie Kim, v.p. at structured products boutique BroadStreet Group in New York, as v.p. on its newly forged structured credit desk and will cement further hires, including a senior correlation and synthetics trader, in the coming weeks. Arif Inayat, partner at Mariner in New York, said the hires are part of the firm's plan to build a structured credit and credit derivatives trading desk.
The hires will report jointly to Inayat and Michael Barnes, partner, both of whom moved to Mariner this month from UBS Warburg, where they were executive directors in the principal finance group, to set up the venture.
Mariner is launching the platform with USD500 million in assets under management and will adopt three strategies, said Inayat. One will invest in structured credit vehicles and enter correlation, relative value, negative basis and capital structure arbitrage trades. The second will operate as a managed account.
The platform will also issue and manage cash and synthetic CDOs, under the moniker of Tricadia Capital, with its first deal currently in development. Tricadia is readying the launch of a USD250 million cash CDO of CDOs with further deals, including CDOs referencing asset-backed securities, in the works. Ravi Trehan, managing partner at BroadStreet in New York, did not return calls.
