The US Fixed Income Group of Fortis Investment Management is in discussion with investment banks to roll out its first collateralized loan obligation. Jeffrey Megar, CLO portfolio manager who recently joined from CypressTree Investment Management Company, said the CLO will be will be in the $300-400 million range and the group hopes to be warehousing shortly.
Megar said the anticipation is to complete the group's first CLO this year with another to follow next year if the market is right. The US Fixed Income Group is headed up by Maryam Muessel, chief investment officer of US fixed income. Muessel, who joined last summer from ACA Financial Guaranty Corp., has also started an ABS Group in New York and has a mandate for three CDOs. Karim Berichi is the N.Y. portfolio manager.
Since Fortis Investments tapped Muessel she has been putting together a Boston-based team to work on the fixed income side. George Ashur is the global head of fixed income research and Jason Brady is a credit trader and investment grade portfolio manager. Brady joined from Fidelity Investments in January. The group has three new analysts, including Andrew Wigren and Tony Gilliland, both from Banc of America Securities, and Mike Ashton, who started Thursday, from Hartford Investment Management.