NEW YORK, Jan. 8, 2015 /PRNewswire/ -- Mariner Investment
Group, the global alternative asset manager, today announced the
closing of a $502 million
collateralized loan obligation (CLO). This is the first such
transaction by Mariner's newly created CLO business. This
past November Mariner hired the
13-member corporate credit team from Mariner's strategic partner,
ORIX USA, to lead the effort. The business is co-led by
David Martin and Erik Gunnerson, who were co-heads of the
leveraged loan and high-yield bond business at ORIX USA since 2009. The proven investment
team enhances Mariner's ability to capture what it believes is an
ongoing opportunity in the CLO market and further deepens the ties
between Mariner and ORIX USA.
ORIX USA acquired a majority
interest in Mariner in 2010.
"We were pleased to see strong investor interest in this
offering, which reflects the strong capabilities of our new CLO
team and favorable market dynamics for these types of investments,"
said Basil Williams, Mariner's
co-CIO. "We believe that CLOs represent a compelling
investment opportunity in a market where senior lending
opportunities will continue to offer superior risk-adjusted
returns, and the floating-rate nature of these products acts as an
effective hedge if interest rates rise."
"Mariner's alliance with ORIX USA continues to enhance our ability to
provide institutional clients with a broad array of high quality
investment options," said Bracebridge Young, Mariner's Chief
Executive Officer. "The ORIX USA team enables us to enter the market with a
turnkey CLO business of the first order, and we are excited to
welcome such an established, high-performing team to Mariner."
The new Mariner CLO investment team brings more than 100 years
of combined investment expertise. Martin joins Mariner with
16 years of relevant investment experience. Prior to joining
ORIX in 2009, Martin was a senior VP at Imperial Capital, LLC,
where he worked in loan trading desk analytics. Prior to
that, Martin was a portfolio manager at Highland Capital
Management, L.P. While at Highland, Martin managed a
portfolio consisting primarily of leveraged loans and high yield
securities. Before joining Highland, Martin was a vice
president at Newcastle Partners, a Dallas-based hedge fund, and prior to
Newcastle, Martin worked at
Imperial Capital, LLC, both on their trading desk and in their
investment banking group.
Gunnerson joins Mariner with over 12 years of financial services
experience. Prior to joining ORIX in 2009, he was a
portfolio manager covering financial institutions at Highland
Capital Management, L.P., and made investments across the capital
structure. Previously, he worked as an Associate for
Citigroup in the Global Capital Markets division. Before
joining Citigroup, Gunnerson worked at Deutsche Bank Securities in
their investment banking group covering the chemicals
industry.
ORIX USA Corporation
ORIX USA is a Dallas-based financial services firm with more
than 1,400 employees and principal offices in Atlanta, Chicago, Hartford, Los
Angeles, Minneapolis,
New York, San Francisco, Seattle, Washington, D.C., Frankfurt, London and Paris. ORIX USA holds approximately $7 billion of assets and manages an additional
$30 billion, approximately. ORIX
USA is a wholly owned subsidiary
of ORIX Corporation, a Tokyo-based, publicly owned international
financial services company with operations in 36 countries and
regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges
(IX).
Mariner Investment Group, LLC
Mariner Investment Group, LLC, is an SEC registered investment
adviser and manages approximately $13.4
billion of assets together with its associated advisers
consisting of several direct and affiliated single and
multi-strategy hedge funds, funds of funds and other alternative
investments services. Founded in 1992, Mariner and its
associated advisers employ approximately 230 people in New York, Boston, London, Tokyo, Seoul,
Philadelphia, Harrison (NY) and Rowayton (CT).
For Media Inquiries:
Mariner Investment Group, LLC contact:
David Press
Tel: (917) 721-7046
david@feverpress.com
ORIX USA contact:
Dione Martin
Tel: (972) 852-2725
dmartin@marketwave.biz
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SOURCE Mariner Investment Group