Wharton Asset Management, which manages the $1.5 billion Y2K Finance fund, has hired Dan Cook as head of structured products. He will be a member of the team managing the Y2K fund and report to Maurice Salem, managing director, says a firm spokesman.
Cook joins Wharton after having taken a hiatus from the market. Until early this year, he had worked at UBS for 11 years. Most recently, he had been head of European asset-backed syndication and trading. He has since been replaced byDrew Allen who joined from Citigroup.
Wharton is on the verge of launching its second fund, which has a target size of $2 billion. It will invest in triple-A and double-A rated ABS. The fund will be marketed to institutional investors. Stefano Loretti, formerly of Abbey National, has already been hired as part of the new effort (BW, 8/25).