Sun, Mar 29, 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. Other Voices: Does the hedge fund industry benefit society?[more]

    This article was authored by Don Steinbrugge, Chairman of Agecroft Partners, a US-based global consulting and third party marketing firm for hedge funds. It is no secret that the hedge fund industry is viewed negatively by a la

  2. Private credit comes into focus for investors[more]

    Bailey McCann, Opalesque New York: As investors look for a way out of the low yield/no yield environment, private credit is becoming an increasingly attractive asset class, according to a white paper from Bayshore Capital Advisors. Private credit has grown steadily since the financial crisis as

  3. Other Voices: The role of diversification in CTA portfolios[more]

    2014 brought a resurgence of managed futures strategies, or CTAs, which performed very well as a whole, outperforming all other hedge fund strategies. However, a closer look reveals that there was a wide range of performance, or return dispersion, across managers. The bottom line? Not all CTAs

  4. Neuberger Berman unit buys 20% stake in activist hedge fund Jana Partners for $2bn[more]

    Komfie Manalo, Opalesque Asia: Neuberger Berman’s unit Dyal Capital Partners bought a 20% stake in activist hedge fund firm Jana Partners worth $2bn, WSJ.com reports. The deal comes as activi

  5. Hedge fund launches fall again, $1bn funds found to outperform even smaller hedge funds[more]

    Komfie Manalo, Opalesque Asia: The number of new hedge fund launches fell again in 2014, the third consecutive year of decline, while fund liquidations saw their first drop since 2010, according to the latest HFR Market Microstructure Industry Report released by industry data provider HFR. Acc

 

banner