Avenue Capital Group has brought on board two analysts to build out its recently formed collateralized loan obligation business. Ajay Nanda and Sriram Balakrishnan have joined from HVB Credit Advisors and Indosuez Capital--now known as Calyon--respectively, according to street sources. This follows the hiring of ex-Franklin Templeton loan pro Richard D'Addario (LMW, 5/10).
Avenue's focus has traditionally been on distressed investments, but it does have a mixture of distressed and par assets. D'Addario was previously the senior portfolio manager and director of research at Franklin Advisors and was brought to New York to build Avenue's CLO business. Calls to Avenue officials were not returned.
A couple of the Indosuez team left this year ahead of the merger with Crédit Lyonnais.Paul Travers, who was the head of the bank loan team left and was replaced by Charles Kobayashi, who was hired by Travers at the end of 2001 from Orix USA. Kobayashi did not return calls. An HVB official confirmed Nanda's departure.