Bloomberg News

Citigroup Hires JPMorgan Head of U.S. CLO Research Maggie Wang

May 06, 2014

Citigroup Inc. (C:US) has hired Maggie Wang, head of U.S. collateralized loan obligation research at JPMorgan Chase & Co., as a director in its credit-strategy department.

Wang starts in June, said Sophia Stewart, a Citigroup spokeswoman. Wang, who will be based in New York, is expected to continue to focus on CLO research, according to a person with knowledge of the move, who asked not to be identified because it hasn’t been announced publicly.

Sales of CLOs in the U.S. reached $82 billion in 2013, the third-largest year on record, according to Royal Bank of Scotland Group Plc (RBS:US) data. The market got off to a slow start in 2014 after the release of the Volcker Rule in December, which prohibits banks from buying the debt of CLOs that own bonds, with just $2.55 billion of funds issued in January. Sales have since rebounded, rising to $12.3 billion in April, the busiest month since May 2007.

Wang, who joined JPMorgan in 2007, declined to comment. Justin Perras, a JPMorgan spokesman, didn’t immediately return a telephone call seeking comment.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return. High-yield debt is rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s.

To contact the reporters on this story: Kristen Haunss in New York at khaunss@bloomberg.net; Christopher DeReza in New York at cdereza1@bloomberg.net

To contact the editors responsible for this story: Faris Khan at fkhan33@bloomberg.net Chapin Wright


Video Game Avenger
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • C
    (Citigroup Inc)
    • $53.97 USD
    • -0.16
    • -0.3%
  • RBS
    (Royal Bank of Scotland Group PLC)
    • $12.34 USD
    • 0.11
    • 0.89%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus