Centre Pacific is targeting growth in leveraged loans and asset-backed securities and has brought on board Joan Farrell from Union Bank of California as a senior trader. Farrell will initially trade the loan product but may broaden into the ABS and bond side, said David Gold, a portfolio manager with L.A.-based Centre Pacific. At UBOC Farrell traded par and distressed loans. "She's an experienced and dynamic professional that is very strong on the trading side and can bring analytical capabilities to the investment committee," Gold stated. Farrell and UBOC officials did not return calls.
Gold explained that this is a new position to support growth and previously loan trading was done by the portfolio managers John Casparian and Kevin Hickham. Since forming Centre Pacific in 2000, assets have gone from zero to $2.4 billion, with five CDO-type vehicles. This year the firm also hired Barry Wilson from PIMCO as a structured products portfolio manager focusing on CDOs and other credit products. The Centre Pacific team previously managed approximately $7 billion at Transamerica Investment Services including leveraged loans, high-yield bonds and ABS.