Fidelity International enters private credit market with MeDirect hires

Fidelity International has hired members of MeDirect Bank's private credit team to head up a new private credit division that will assume management of MeDirect's €406.5 million Grand Harbour CLO 2019-1.

According to a press release published today (Jan. 19), the team will continue to be led by Michael Curtis, who has over 20 years’ experience in European private credit markets having worked for ICG, 3i and Alpstar Capital. Curtis joined MeDirect as chief investment officer in May 2018 as part of the group’s effort to strengthen its core corporate lending business which included leveraged loans. MeDirect went on to price its debut CLO in June 2019. Prior to MeDirect, Curtis had most recently been co-head of the European loans business at ICG.

Curtis is joined by credit portfolio manager, Camille McLeod-Salmon, and CLO structurer, Cyrille Javaux. McLeod-Salmon has 14 years’ experience investing in credit, having worked for BNP IM and Fortis prior to MeDirect, while Javaux brings 17 years’ experience in CLO structuring, investing and trading having worked at Stormharbour, Hayfin & Cairn Capital, following roles at major banks, according to the press release.

The team, which will transition to Fidelity in March 2021, will be joined by an operations head and a team of six credit analysts. Upon completion of the move, Michael Curtis will be head of private credit strategies at Fidelity and his team will report directly into Fidelity’s global chief investment officer, Andrew McCaffery.