NEW YORK, Aug 7 (LPC) - - Redding Ridge Asset Management has hired John D’Angelo as a Collateralized Loan Obligation (CLO) portfolio manager, according to sources.
He is set to join the firm, which oversees about US$6.7bn in assets, in the newly created position in New York in September, the sources said.
Redding Ridge, which manages both US and European CLOs, was established and seeded by Apollo Global Management in 2016 in response to Dodd-Frank risk-retention requirements, according to the firm’s website.
An Apollo spokesperson declined to comment. D’Angelo declined to comment.
There has been US$75bn of US CLOs raised this year through August 5 after a record US$128.1bn was issued in 2018, according to LPC Collateral data. Volume has been challenged in 2019 as spreads on the largest and most senior portion of the funds has remained wide – eating into returns to equity investors who are paid last with whatever is left over after the most senior tranches are paid.
D’Angelo will join Redding Ridge from Pretium Partners where he served as a senior portfolio manager, the sources said. Before that he served as a senior portfolio manager at Valcour Capital Management and a managing director at Aladdin Capital Management.
The Ziegler Senior Floating Rate Fund, for which Pretium Credit Management serves as a sub-adviser, announced July 31 that Gil Tollinchi would now serve as a portfolio manager, a role D’Angelo previously held, according to a fund document.
Pretium has named Todd Murray as a portfolio manager and hired Roberta Goss from DFG Investment Advisers as a senior managing director and co-head of CLOs with George Marshman.
Goss’ “many years of experience in the credit markets are of enormous value as we strive to deliver exceptional results for our investors,” Don Mullen, Pretium chief executive officer, said in an emailed statement.
Bloomberg previously reported that Goss had joined Pretium. (Reporting by Kristen Haunss; Editing By Michelle Sierra)