Last week Black Diamond Capital Management joined the growing list of U.S. firms looking for opportunities in the burgeoning European leveraged loan market. The firm announced it hired Peter Cannon as a managing director of its new European shop, Black Diamond GB, which will open June 1. Cannon most recently worked as a senior portfolio manager at RMF Investment Management (a subsidiary of Man Group), where he played a key role developing the firm's CDO business. He has also worked as a senior fund manager for Merrill Lynch Investment Management and as director of acquisition finance at Lloyds TSB. "We see the leveraged loan market in Europe as very robust with excellent growth prospects for us, and we believe that Peter Cannon is uniquely qualified to help us take our presence there to the next level," said Bill Bokos, senior managing director of Black Diamond, an alternative asset management firm with about $8 billion in assets under management. "We expect to be adding staff to build-out our effort in London in the near-term future."
Wells Fargo named John Gibbons to the new position of head of capital markets, which includes all loan sale, securitization and hedging activities, for the firm's residential real estate-secured lending businesses in its home and consumer finance group. Gibbons will report to Mike Heid, division president for Wells Fargo Home Mortgage. Prior to joining the company, Gibbons served as senior consultant with Hollister LLC and vice chairman and strategist at Overture Corp.