Former Banc One Capital Markets researcher Alessandro Pagani started last week at buyside shop and CDO collateral manager Cambridge Place Investment Management as a senior credit analyst. He is reporting to firm partner John Reohr. In his new role, Pagani will analyze a broad spectrum of ABS asset classes. He had been at Banc One's research group for seven years.
After taking a conservative approach thus far in 2004, Gryfon Partners sees more investment opportunities going forward and expects to become a more active investor in the remainder of the year. Noting the "irrational" chase for yield that has kept spreads tight, even for distressed ABS as well as collateral, the changing interest rate environment will likely create opportunities in the coming months for yields more commensurate with the risks currently in the market, noted co-founder George Graham. Gryfon invested $140 million in 2003.