Ivy Asset Management, a fund of hedge funds asset manager in Garden City, N.Y. with more than USD5 billion in assets, has hired Anil Babbar, former fixed-income structurer at ING Barings in New York and Hong Kong. Ivy made the hire to develop structured products, which relate to the firm's principal-protected notes and leveraged offering business, according to Babbar, who declined to detail the products. He joins a six-member team.
Babbar left ING a year ago to work at a technology company which executed wireless transactions. He left the company because it was cutting back. Babbar declined to name the company or comment further about his reasons for leaving.
He reports to John Rogers and Jeff Lindenbaum, co-heads of the products and markets group. "We were very attracted to Anil's experience in structured products and credit derivatives," Rogers said on their reasons for hiring him. At ING he reported to Hugo Faria, head of structured products, who has since left the firm and is now head of structured products for fixed income Latin America in New York at Merrill Lynch.
Ivy's core investment strategies include convertible arbitrage, options arbitrage and fixed income arbitrage.