Tim Frost, Cairn Capital

  • 22 Jun 2005
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Name: Tim Frost
Institution: Cairn Capital
Date joined: August 2004
Title: Director
Previous job before hire: European head of credit sales trading and research, JP Morgan in London.
Years in capital markets: 17
First job in capital markets: Bond trader, Salomon Brothers
Favourite deal worked on: Cairn Credit CPPI, a constant proportion portfolio insurance deal in May, which took a long correlation position, going long the equity of the index and short the mezzanine
Hero: Margaret Thatcher

Tim Frost joined Cairn Capital in August 2004, just six months after the hedge fund was set up.

Previously European head of credit sales, trading and research at JP Morgan, he is an example of the brain drain that has plagued large investment banks in recent years.

Cairn has attracted a number of key figures in structured finance and asset management and is planning further high profile hires.

Frost started his banking career at Salomon Brothers in 1987, where he traded bonds for two years. He then moved to JP Morgan, initially as an interest rate swap trader.

He was to stay for 15 years, playing a central role in building JP Morgan's European credit derivative business from scratch, leaving what he describes as a leviathan.

Since its inception Cairn Capital has grown astronomically and now manages around $11bn of assets, primarily in structured credit products.

"This is a tremendous opportunity to deploy products that the credit derivatives market has built over the past 10 years," said Frost. "At Morgan we helped to build the toys, at Cairn we get to play with them."

Frost describes his new job as comparable to what he was doing at JP Morgan in terms of risk management, building and managing portfolios.

"The difference at Cairn is there's a lot more explaining to do and accountability to external investors, identifying opportunities for them and structuring portfolios which fit their needs given the risk/reward profiles they're looking for," he says.

"The aim is to give access to this new, dynamic and complicated market to a broader range of investors that need a partner to help them exploit the opportunities offered by it."

Frost served in the parachute regiment of the British army in Germany and the Falklands, in 1984, two years after the war.

He also stood as a Conservative party candidate for his home town of Mansfield, Nottinghamshire in 1997, where he came second with 10,000 votes.

  • 22 Jun 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 29,333.03 101 7.94%
2 JPMorgan 27,208.83 91 7.37%
3 Barclays 23,714.00 55 6.42%
4 Bank of America Merrill Lynch 20,332.10 65 5.50%
5 Goldman Sachs 20,005.21 49 5.42%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 Mizuho 299.85 1 21.73%
1 ING 299.85 1 21.73%
1 Commerzbank Group 299.85 1 21.73%
1 BNP Paribas 299.85 1 21.73%
5 UBS 60.22 1 4.36%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 Goldman Sachs 1,607.28 5 23.03%
2 Credit Suisse 1,301.65 4 18.65%
3 UBS 970.80 3 13.91%
4 BNP Paribas 522.35 4 7.49%
5 SG Corporate & Investment Banking 444.17 3 6.37%