* Sankaty Advisors has achieved trading gains on its Race Point CLO. The portfolio has exceeded the target par amount of $497 million with current collateral plus cash totaling $507 million. The current portfolio has only one defaulted asset with a par amount of less than $1 million and four current pay obligations totaling $9.8 million. Fitch Ratings has affirmed five classes of notes for the CLO, issued in November 2001. Sankaty is in the market via J.P. Morgan with a new $500 million CLO called Avery Point (LMW, 11/17).
* Catalyst Investment Management Co. (CIMCO), a New York-based event-driven and merger arbitrage fund manager, is rolling out its first distressed fund, the Catalyst Credit Opportunity Fund. The fund will invest in bank debt and will go long and short bonds, said Brad Levie , the fund's portfolio manager. It will make directional plays in the equity of companies emerging from bankruptcy, Levie added. CIMCO manages $238 million in assets.