15 Nov 2010
A new European credit fund, the Wiltshire Credit Opportunities Fund, has been launched, sponsored by nabInvest, National Australia Bank's direct asset management business.
NabInvest is a cornerstone investor in the Fund and strategic partner in its manager Wiltshire Capital Limited.
Wiltshire's founder and principal investment manager is John Sullivan, an investment professional with 20 years' experience in the hedge fund and finance industries and 13 years in European markets. Before establishing Wiltshire Capital, Sullivan was a co-founder of Cognis Capital. Prior to this, he held senior investment positions in the special investments groups of GE Capital and Royal Bank of Scotland.
Wiltshire has formed a joint venture with PCE, with the latter providing the manager with institutional quality infrastructure, risk management, compliance and regulatory support as well as fund-raising capability. PCE is authorized and regulated by the FSA (UK) and registered with the SEC (US) and acts as the appointed investment manager of the Fund.
The Fund invests in mispriced, stressed and distressed sub-investment grade European corporate debt, which continues the successful strategy executed by John Sullivan at previous firms. Wiltshire's approach is designed to operate through credit and market cycles and remains focused purely on corporate credit (corporate bonds, bank debt, etc) and on "value" based investing. The Fund targets 15%+ returns using minimal or no leverage.
To further reinforce the institutional quality of the Fund, Merrill Lynch International has been appointed as the prime broker, Quintillion is the administrator and Grant Thornton is the auditor of the Fund.
NabInvest is a cornerstone investor in the Fund and strategic partner in its manager Wiltshire Capital Limited.
Wiltshire's founder and principal investment manager is John Sullivan, an investment professional with 20 years' experience in the hedge fund and finance industries and 13 years in European markets. Before establishing Wiltshire Capital, Sullivan was a co-founder of Cognis Capital. Prior to this, he held senior investment positions in the special investments groups of GE Capital and Royal Bank of Scotland.
Wiltshire has formed a joint venture with PCE, with the latter providing the manager with institutional quality infrastructure, risk management, compliance and regulatory support as well as fund-raising capability. PCE is authorized and regulated by the FSA (UK) and registered with the SEC (US) and acts as the appointed investment manager of the Fund.
John D Mattimore, CIO and CRO of PCE, commented: "The team is highly talented with a strong appreciation of risk management and performance generation, which are inextricably entwined in the fund manager's investment philosophy. We are confident that the Fund will capitalize on the many opportunities present in the European credit market. "
The Fund invests in mispriced, stressed and distressed sub-investment grade European corporate debt, which continues the successful strategy executed by John Sullivan at previous firms. Wiltshire's approach is designed to operate through credit and market cycles and remains focused purely on corporate credit (corporate bonds, bank debt, etc) and on "value" based investing. The Fund targets 15%+ returns using minimal or no leverage.
In terms of the market opportunity, John Sullivan commented: "Debt markets have grown substantially in the last 10 to 15 years and offer a wide selection of investment opportunities across the capital structure and in a broad range of industries and geographies. At the same time the current economic climate and continuing fallout from the global financial crisis has created some compelling opportunities in these markets, making it an ideal time to launch a fund like Wiltshire Credit Opportunities Fund that specializes in these assets."
To further reinforce the institutional quality of the Fund, Merrill Lynch International has been appointed as the prime broker, Quintillion is the administrator and Grant Thornton is the auditor of the Fund.
