Sat, Oct 25, 2014
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   |   

Banner

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. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  2. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  3. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  4. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  5. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t