Babson Capital Management hired Jeffrey Prince as a managing director responsible for collateralized debt obligation analysis and selection, and portfolio strategy and management, a new position. He reports to Matthew Natcharian, managing director and head of Babson Capital's structured credit team. Prince started last Monday.
Prince previously worked at Citigroup as a CDO strategist and before that at Wachovia Securities in CDO structuring. Natcharian said the firm decided to hire Prince because of "his great experience as a structurer at Wachovia and research focus at both Wachovia and Citigroup."
The firm does not plan on making any more hires at the managing director level, Natcharian said, and is not actively recruiting. However, he said Babson is "always looking for the right person, so if a great opportunity came along we would consider it."
In the spring, Babson closed Connecticut Valley Structured Credit CDO III, a $400 million collateralized debt obligation. Citigroup arranged the transaction. As of June 30, Babson managed $87.5 billion.