Michael McAdams, a well-known member of the loan investment community and founding member of ING Capital Advisors, left the firm two weeks ago to begin management of his own loan fund, Four Corners Capital Management, a financial partnership with Macquarie Holdings. "Macquarie will be able to enter the U.S. corporate credit markets and we will get a piece of their global network to expand outside the U.S.", said McAdams about the decision to team up with the Australian bank.
McAdams said he was ready to start something new where he could create different loan investment products than those traditionally managed by ING--traditional collateralized loan and debt obligations. "We hope to take Macquarie's project finance product expertise and maybe come up with new ideas to allow our CLOs and CDOs to have new attributes," explained McAdams, declining to be more specific about upcoming structural changes the group is planning. Declining to be specific about new hires, he said the firm is looking to bulk up the group and is in the process of hiring talent for the loan group. "We hope to fill 25 to 30 new positions by the end of the year."
McAdams, who spent the last six years as president and chief executive officer of ING Capital Advisors, has been succeeded by two other founding members, Michael Hatley, president, and Mark Smith, chief executive officer, according to Virginia Henneberry, director of marketing and client relations for ING.
Hatley, while continuing in his role as chief investment officer responsible for all of the firm's investment decisions, will now be responsible for consolidating all of the firm's risk management and trading strategies. He will also continue to co-chair the firm's credit committee along with the firm's chief credit officer.