Former CreditSuisse Group AG executives Bob Franz and Ken Hoffman have formedasset management company ArbourLane Capital Management LLC, Reuters reported, citing"sources."

Arbour Lane handles about $1.3 billion of credit assetscomprising a mix of upper middle-market corporate debt, distressed bonds andloans, special situations and post-reorganization equities. The company managesthe assets for TSSP, the global credit and special situations unit of TPG,according to the report. TSSP acquired the portfolio from Credit Suisse.

Franz served as head of U.S. trading and Hoffman was head ofdistressed trading at Credit Suisse.

Credit Suisse spokesperson Azar Boehm has confirmed thatFranz and Hoffman are no longer with the company.