Tue, Sep 1, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Alternatives firm Spring Mountain Capital launches high yield and distressed group with new hires

Monday, April 02, 2012
Opalesque Industry Update - Spring Mountain Capital, LP (SMC), an investment management firm that focuses on alternative asset investing, today announced the establishment of its High Yield and Distressed Municipal Strategies Group, and the hiring of high yield and distressed municipal bonds specialists Garey M. Fuqua, Thomas J. Brophy and Sandra T. Matthews to lead its investments in this asset class. Fuqua will lead the team and serve as Managing Director and Group Head of High Yield and Distressed Municipal Strategies.

Driven by an investment philosophy focused on a dynamic and opportunistic investment thesis and approach, the creation of the High Yield and Distressed Municipal Strategies Group and addition of the new team will expand and strengthen SMC’s expertise and further enhance the firm’s investment line-up. The newly-formed High Yield and Distressed Municipal Strategies Group also strongly complements SMC’s existing investment business lines including: funds of funds, hedge funds, private equity, actively managed private vehicles, and existing investment grade municipal bond investments managed through its affiliate, SMC Fixed Income Management, LP (SMC FIM).

“We have always been on the forefront of investment innovation by frequently challenging conventional wisdom, and we believe that high yield and distressed municipal bonds currently provide an interesting investment opportunity. Traditional holders of municipal bonds historically do not desire or are prohibited from owning these securities once they become unrated or distressed assets and often sell them for non-economic reasons. The inefficient market and downside protection provided by the real assets used as collateral make high yield and distressed municipals especially compelling today,” commented Launny Steffens, Founder of SMC and Co-Managing Member of its general partner.

The new team members of Fuqua, Brophy and Matthews have combined experience of more than 45 years with specialty areas in healthcare and education. They join from Ofelia Capital, an investment boutique firm founded by Fuqua, focusing on high yield municipal strategies, and have previously worked together and separately in buy-side firms, rating agencies, a bond insurer and a consulting firm as portfolio managers, traders, credit analysts and turnaround specialists with a deep understanding of financial and operational components of nonprofit organizations.

“We are very pleased to welcome Garey and his team to Spring Mountain Capital. By leveraging resources in addition to investment and credit expertise, we are making available a broad range of creative high yield tax-exempt products. The addition of Garey as group head, Tom as portfolio manager and Sandy as director of research and credit will not only complement our existing business but will further enhance our presence and offerings as a premier alternative asset management firm,” said Mr. Steffens.

“We have been impressed with Launny Steffens’ leadership and believe that joining his team at SMC is a natural way for us to utilize our experience and relationships in the municipal marketplace and bring more sophisticated high yield and distressed tax-exempt products to a greater number of clients. Tom, Sandy and I look forward to building the high yield and distressed municipal bonds platform at SMC,” said Mr. Fuqua.

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Activist News - Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping, Meet Europe's best activist investor[more]

    Carl Icahn has snapped up a huge stake in Freeport-McMoRan, and the stock is ripping From Businessinsider.com: Carl Icahn has picked his next target: Freeport-McMoRan. Icahn and a group of other investors have snapped up an 8.46% stake in mining company Freeport-McMoRan, according to a j

  3. North America - Hedge fund manager Ray Dalio’s challenge to the Fed[more]

    From Newyorker.com: For some reason, Janet Yellen, the chair of the Federal Reserve, decided to skip this year’s annual Fed conference in Jackson Hole, where monetary policymakers from the United States and abroad get together with some prominent academics to discuss the big issues of the moment. Th

  4. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  5. Opalesque Exclusive: Foundation returns slide, but commitment to alternatives remains[more]

    Bailey McCann, Opalesque New York: Private and community foundations posted returns of 6.1 percent for the 2014 fiscal year (January 1 – December 31, 2014), down from the 15.6 percent return reported for FY2013, according to the latest Council on Foundations–Commonfund Study of Investment of End

 

banner