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The Downstream Impact Of Current Market Dynamics
Monday, October 29
New York, NY
55 Water Street
Join us for a complimentary discussion with our Leveraged Commentary & Data (LCD) team about how evolving regulations, credit structure, and market fundamentals may impact investors when the credit cycle turns.
Despite record-setting loan volumes, CLO issuance on track to outpace last year's record levels, continued positive flows into prime funds and BDC growth, today's credit market is vastly different than it was a decade ago.
Regulatory requirements have changed, the middle market is rising to fill investment vehicles, and cov-lite continues to grow.
This live, in-person discussion featuring LCD and a panel of experts will address the evolution of the market since 2008 and what portfolio managers should think about in managing the risks associated with today’s market dynamics.
IntroductionTim Cross, Leveraged Commentary & Data
Current loan market dynamicsRuth Yang, Leveraged Commentary & Data
Supervisory and regulatory issuesAndrew Watt, S&P Global Ratings
The rubber and the road: How portfolio managers are handling the risks associated with today’s market dynamicsAndrew Bellis, Partners Group Pat Daugherty, Glacier Lake Capital Mitchell Drucker, Garrison Investment Group Randy Schwimmer, Churchill Asset Management Moderator: Shivan Bhavnani, Leveraged Commentary & Data
Tim has been with LCD since 2001, first to edit LCD news/analytical copy and oversee development of the lcdcomps.com news platform, then to oversee the group's IT team and application development, then to direct LCD's social media/digital efforts (if you haven't joined LCD's LinkedIn group, you should - there's more than 14K members), and most recently as Managing Editor. Full Bio
Tim has been with LCD since 2001, first to edit LCD news/analytical copy and oversee development of the lcdcomps.com news platform, then to oversee the group's IT team and application development, then to direct LCD's social media/digital efforts (if you haven't joined LCD's LinkedIn group, you should - there's more than 14K members), and most recently as Managing Editor. Before LCD Tim spent eight years as managing editor at LPC/Reuters, editing the company's flagship publication, Gold Sheets, running the U.S. and London editorial groups, writing news stories, and overseeing league tables. Before LPC Tim was managing editor of Bank Loan Report, writing news and feature stories for that weekly, as well as its sister publication, Investment Dealers' Digest. Minimize
Ruth YangManaging Director, Leveraged Loans, S&P Global Market Intelligence
Ruth oversees news and research content production for Leveraged Commentary & Data. Full Bio
Ruth oversees news and research content production for Leveraged Commentary & Data. She has spent 14 years at LCD, and has been in the loan market for 18 years. Prior to her current role Ruth spent seven years as LCD's chief of operations, supervising the unit's business strategies, and before that Ruth oversaw the launch of LCD's European research business, as well as construction of the S&P/LSTA European Leveraged Loan Index (she also supervised implentation of the S&P/LSTA Leveraged Loan Index). Ruth also has had stints at the LSTA - overseeing the LSTA/LPC Mark-to-Market Data service - Fremont General/Fremont Financial, Sanford Bernstein, and Aspen Performance Group. Minimize
Andrew BellisManaging Director, Head Liquid Loans, Partners Group
Andrew Bellis is a Managing Director and Head of the Liquid Loans business unit, based in New York. Full Bio
Andrew Bellis is a Managing Director and Head of the Liquid Loans business unit, based in New York. He is a member of the Global Liquid Debt Investment Committee and has 15 years of industry experience. Prior to joining Partners Group, he worked at Merrill Lynch, Credit Suisse and 3i Group plc. He holds a master’s degree in physics from Imperial College London, UK. Minimize
Mitchell DruckerManaging Director, Garrison Investment Group
Mr. Drucker joined Garrison in June 2007 and is responsible for corporate finance transaction origination, analysis and execution. Full Bio
Mr. Drucker joined Garrison in June 2007 and is responsible for corporate finance transaction origination, analysis and execution. He is a member of Garrison’s Investment Committee. Prior to joining Garrison, Mr. Drucker spent the previous 23 years in various capacities with the CIT Group including Senior Managing Director and leader of CIT's Hedge Fund Coverage and National Restructuring Groups. He also held the role of Co-President of CIT Business Capital, where he presided over a team of 200 professionals consisting of leverage and asset finance originators, three distinct industry coverage teams, the predecessor Restructuring Group, account managers and the risk and credit policy committees. Prior to CIT Group, Mr. Drucker held the role of National Marketing Manager and was a founding member of the Restructuring Group in 1989. His breadth of experience includes middle market leveraged finance for acquisitions, growth, and restructuring scenarios with emphasis on asset-based, cash flow and enterprise value financing. Mr. Drucker received a B.S. in Industrial Relations from Cornell University and an M.B.A. from the University of Pennsylvania. Minimize
Pat Daugherty, ESQ.President & Chief Investment Officer, Glacier Lake Capital
Mr. Daugherty is responsible for developing and executing Glacier Lake’s strategic, underwriting and investment initiatives. Full Bio
Mr. Daugherty is responsible for developing and executing Glacier Lake’s strategic, underwriting and investment initiatives. He has over 25 years of experience in the credit markets and most recently managed approximately $27 billion in assets as a Partner at Highland Capital Management including levered institutional corporate loans (within 20 CLOs), high yield corporate bonds, derivatives and post-restructured equities. Mr. Daugherty served on Highland’s credit committee and senior executive committee and was co-head of research. He was the founder and head of the stressed, distressed and private equity groups. He also was head of restructuring for Highland’s U.S. $23 billion under management across all funds from CLOs, hedge funds, private equity funds and separate accounts. He was the founder and designated senior portfolio manager for Highland Restoration Capital Partners, L.P. (a discrete distressed for control private equity fund), Tunstall Distressed Opportunities Fund, L.P. (a target special situations and event-driven hedge fund that opportunistically traded in stressed and distressed debt and post-restructured equities), Highland Crusader Fund, L.P. (a credit hedge fund with focus on stressed, distressed and post-restructured equity investing), Highland Distressed Opportunities, Inc. (a NYSE listed business development company targeting par, stressed and distressed middle market debt), Restoration Opportunities Fund (a credit based regulated investment company) and Restoration Funding CLO (a hybrid CLO with a combination of broadly syndicated leveraged loans and middle market loans. Additionally, Mr. Daugherty was a designated Senior Portfolio Manager of numerous CLOs including Aberdeen CLO, Armstrong CLO, Brentwood CLO, Bristol Bay CLO, Eastland CLO, Gleneagles CLO, Grayson CLO, Greenbriar CLO, Jasper CLO, Liberty CLO, Legacy CLO, Loan V CLO, PAMCO I CLO, PAMCO III CLO, Red River CLO, Southfork CLO, Stratford CLO, Westchester CLO and Valhalla.
As Head of Private Equity, Mr. Daugherty served on the board of directors of many companies including: Metro-Goldwyn-Mayer Studios, Inc., Cornerstone Healthcare Group Holdings, Inc. (as CEO and chairman), Mariner Healthcare, Inc., NexBank Holdings, Inc., Norse Merchant Group, Ltd., Safety-Kleen Systems, Inc., SunCom Wireless Holdings, Inc. and Turtle Bay Holding Company, LLC.
Prior to joining Highland, Mr. Daugherty served as Vice President in the corporate finance group at Bank of America where he originated and structured leveraged bank loan and corporate bond transactions. He received a JD from the University of Houston School of Law and a BBA in finance from the University of Texas at Austin. He has been a guest commentator on CNBC and Bloomberg Television and is a frequent speaker at conferences on the subject of CLOs, distressed debt and private equity investing. Minimize
Randy SchwimmerSenior Managing Director, Head of Origination & Capital Markets, Churchill Asset Management
Randy Schwimmer is Senior Managing Director and Head of Origination and Capital Markets at Churchill Asset Management LLC. Full Bio
Randy Schwimmer is Senior Managing Director and Head of Origination and Capital Markets at Churchill Asset Management LLC. Churchill is a credit asset management firm that provides senior debt to middle market companies. It is affiliated with Nuveen, the asset management division of TIAA and one of the largest global asset managers across multiple asset classes.
Mr. Schwimmer is also founder/publisher of The Lead Left, Churchill’s weekly newsletter. The Lead Left reviews deals and trends in the capital markets with a unique focus on the mid-market space and is read by thousands of influential industry participants.
Mr. Schwimmer brings 30 years of experience in middle market finance to Churchill, and is widely credited with developing loan syndications for middle market companies. He was a founding partner and Head of Capital Markets at Churchill Financial LLC, a middle market finance company acquired by The Carlyle Group. At Carlyle, he was a Managing Director responsible for all middle market loan capital markets activities, including loan structuring, syndications and distribution within the Carlyle GMS team.
Before then, Mr. Schwimmer was Managing Director and Head of Leveraged Finance Syndication for BNP Paribas. He spent 15 years at JP Morgan Chase in Corporate Banking and Loan Syndications, where he originated, structured, and syndicated leveraged loans.
Mr. Schwimmer graduated cum laude from Trinity College with a B.A. He earned his M.A. from the University of Chicago. Minimize
Andrew Watt is a Managing Director at Standard & Poor’s Ratings Services. Full Bio
Andrew Watt is a Managing Director at Standard & Poor’s Ratings Services. Andrew has responsibility for the strategic direction, business priorities and financial performance of the Corporate Ratings business as a member of the leadership team. Andrew directly manages U.S. and Canadian Corporate Ratings and the industry teams that constitute about 2500 issuer relationships. He is also responsible for Loan & Recovery Ratings business in North America for Corporate Ratings.
Andrew assumed his current position in 2016. Prior to his current role, Andrew held various managerial and analytic responsibilities in Ratings Services. Andrew has also been a member of the Analytics Policy Board of Ratings Services, which oversees and governs the development of analytical criteria.
Earlier in his career, Andrew held various engineering roles for Allied Signal Aerospace and completed an intensive rotational leadership development program.
Andrew received his MBA from Columbia University’s Graduate School of Business. He also holds a Bachelor and Masters degree of Electronic Engineering from the City College of the City University of New York. He is a Chartered Financial Analyst and a member of the New York Society of Securities Analysts. Minimize
55 Water Street
New York, NY 10041
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