Ross Smead, co-head of Prudential Investment Management's U.S. bank loan team, has left the firm to join Halcyon Asset Management, to oversee its newly minted collateralized loan obligation business. "We view the addition of the CLO platform as another step in our growth within the securitized products field," said Tom Hirschfeld, chief operating officer. Hirschfeld added that the CLO business will tap into Halcyon's fundamental credit skills and Smead's structuring skills. He declined further comment and Smead did not return a call or e-mail by press time.
Halcyon recently priced its first CLO, the $460 million Halcyon Structured Asset Management. The New York-based manager plans to issue one to two CLOs per year, the sizes of which have yet to be determined, according to a market official. Over the next six to nine months, Smead will bring on a team of five to 10 professionals to support the effort.
At Prudential, Smead reported to Paul Appleby, head of the high-yield group. A call to Appleby was referred to a spokeswoman, who said Ross' duties have been taken over by Timothy Aker, co-head of the loan team, and Martha Tuttle, portfolio manager.