Mizuho Securities’ head structurer of collateralized loan obligations has joined New York-based private equity firm Blue Owl Capital as it makes a push into the broadly syndicated CLO industry.
Veteran structurer Hao Jiang, who spent roughly eight years at the Japanese bank, started working in Blue Owl’s structured credit team as a managing director a week ago, according to people with knowledge of the matter.
In his new role, he will continue overseeing the $1 trillion CLO market, which repackages leveraged loans according to varying levels of risk and returns before selling them to investors. He will report to Jerry Devito, managing director at Blue Owl, said the people, who asked not to be identified discussing a private matter.
The hiring follows Blue Owl’s April acquisition of CLO manager Wellfleet Credit Partners from affiliates of private equity firm Littlejohn & Co. Blue Owl will incorporate Wellfleet’s $6.5 billion in assets under management into its $94.5 billion portfolio. Wellfleet oversees CLO portfolios and invests in third-party CLO equity and junior mezzanine tranches on behalf of other accounts.
Meanwhile, Jiang’s move is not the first exit of a CLO financier from Mizuho in 2022.
In June, Deutsche Bank recruited Matthew Matson to lead trading of U.S. collateralized loan obligations as the German bank looks to grow its CDO and CLO business. So far this year, Mizuho has priced one deal — a reset of a 2019 bond that was upsized in February — according to Bloomberg data. Before joining Mizuho, Jiang worked at both Cantor Fitzgerald and Credit Suisse. Devito had also previously worked at Credit Suisse.
A spokesperson for Mizuho confirmed Jiang’s departure. Blue Owl declined to comment on the hire.
