Michael Guy, the former co-head of European distressed sales and trading at Bank of America Corp. (BAC:US), joined Tenax Capital Ltd. to start a new credit fund, according to four people with knowledge of the situation.
Guy will lead a team running the Tenax Credit Opportunities Fund that has raised about 300 million euros ($395 million), said the people, who declined to be identified before an announcement.
He’ll be joined in London by Andrey Panna, who left UBS AG (UBSN) last month as co-head of European distressed-debt research, and Sanjeev Sarkar, previously with ADM Capital, the people said.
The fund will invest in bonds, loans, asset-backed and mezzanine financing, with a focus on first-lien senior-secured deals because of their low volatility, the people said.
Tenax Capital was founded by former UBS bankers Massimo Figna and Nick Watkins in 2004. The following year it started the Tenax Financials Fund, which invests in equity.
Guy started his career in 1989 trading high-yield and convertible bonds at JPMorgan Chase & Co. in New York. He joined the London office of Donaldson, Lufkin & Jenrette in 1998, two years before the firm was bought by Credit Suisse Group AG.
At DLJ, Guy worked with high-yield market veteran Bennett Goodman, now senior managing director and co-founder of New York-based GSO Capital Partners LP, the credit-investment unit of Blackstone Group LP. (BX:US)
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