Robert Klein has left his role as lead portfolio manager for Prospect Capital Management’s CLO platform to oversee the structured products portfolios at CIFC Corp.
As managing director, he will reports to CIFC Co-Presidents Oliver Wriedt and Steve Vaccaro, the firm said in a statement published Oct. 19. CIFC currently manages $14 billion across its CLO, structured credit and total return portfolios.
During Klein’s time at Prospect Capital, he is credited with founding the firm’s CLO platform and creating its market leading position as one of the largest investors in CLO equity. Prospect’s portfolio holds more than $1.5 billion in investments.
Earlier on in his career, he worked at American Capital as a managing director, and at middle-market private equity firms American Securities and American Industrial Partners.
“Robert brings a wealth of experience to CIFC and further strengthens our structured products platform,” Vaccaro said in the statement.
Klein noted that he looks forward to leading the firm’s structured products fundraising and investing efforts.
“Today there exists a tremendous market opportunity where relative value trades are available in significant size and diversity as many historical buyers of various parts of the CLO value chain have left the market. This leaves prices weakened, and those with capital to invest with a unique window of opportunity to achieve outsized yields and terrific upside,” he said.
