Tetragon taps former Blackrock exec for CLO investment expansion
Tetragon Credit Income Partners (TCIP), a prominent CLO equity investor across 97 deal portfolios, has hired on a former Blackrock CLO executive as it explores expanding into collateralized loan obligation debt investments.
Tetragon last week brought in Scott Snell, who was formerly the co-head of Blackrock’s U.S. CLO business. Snell will serve as a portfolio manager, and report to Stephen Prince, head of Tetragon Financial Group (TFG) Asset Management.
Snell could not be reached for comment, but told Reuters that the firm will be looking to “diversity into different product offerings” through separately managed accounts or opportunistic funds to invest in CLO debt in both the U.S. and Europe.
TCIP holds a majority equity stake in dozens of externally managed or Tetragon-affiliated CLOs, providing it ownership control of the deals it invests in.
Tetragon, directly through TCIP or private-equity vehicles managed by TCIP, has invested in more than $2.2 billion in CLO equity across 97 CLOs and 32 managers.
TCIP is one of three asset management arms making up TFG Asset Management, along with LCM Asset Management and TCI Capital Management. TCIP primarily invests in lowest-tranche equity stakes in both third-party CLO equity tranches and in CLOs managed by its TFG affiliates.
At Blackrock, Snell was responsible for asset collection, trading and positioning in certain mutual funds and dedicated CLO separate accounts, according to a TCIP release on Wednesday. Previous to Blackrock, Snell was a trader and portfolio manager of structured credit investments for Oak Hill Advisors.