GSC Partners has appointed Ferderick H Horton to head its new investment activity specializing in structured credit, mortgage-related securities and ABS.
Horton, 46, who is the ninth partner at the multi-product alternative investment firm, has been an innovator in the development of the market for collateralized debt obligations since 1996 and is credited with developing and bringing to market some two dozen different CDO transactions capitalized at more than USD 17.5 billion.
He joins GSC Partners, who specialise in control distressed debt investments, European mezzanine lending and corporate structured finance, from the Trust Company of the West (TCW) where he was managing director responsible for CDO business. Horton joined TCW as a portfolio manager in 1993 before being appointed deputy chief investment officer for the fixed income business in 1994, and has specialised in the CDO sector since 1997.
Joining Horton as a vice president at GSC Partners is Edward Steffelin, who most recently served as portfolio manager of the CDO equity funds at TCW. These products included a long/short strategy fund and a long only fund.
From 2002 until 2004, Steffelin was a principal with Allianz Risk Transfer and previously served with XL Financial Solutions, CGA Investment Management and Capital Markets Assurance Corp. He graduated from Occidental College in 1992 and earned an MBA from the Amos Tuck School at Dartmouth in 1996.
"We believe that this new structured debt business represents an exciting new growth opportunity for GSC Partners and is an excellent complement to our other alternative asset businesses," said Alfred C Eckert III, chairman and chief executive officer of GSC Partners. "We are extremely pleased to have Fred join us to lead this new initiative. We are also considering other investment opportunities as we pursue our goal to be a leading institutional investment manager of alternative assets with a full spectrum of complementary investment product offerings."
"GSC Partners is one of the leaders in alternative investments, and an outstanding platform from which to create high value-added products," said Horton, who received a BA from Brown University in 1980 and an MBA in Finance from Boston University in 1983. "I am excited to join them as a partner and anxious to get started on a range of initiatives. I have had the opportunity to get to know Fred Eckert and his team of senior executives and we share a common vision of the important role that structured products play in the asset management business. Ed and I have worked together successfully to build businesses in the past, and we look forward to working with our new colleagues at GSC Partners to continue to create value for our clients through innovative structured credit strategies."
Background notes: GSC Partners is a registered investment advisor with over USD 7 billion of assets under management. The firm specializes in control distressed debt investing, European mezzanine lending and structured finance. GSC Partners, with over 90 employees, has offices in New Jersey, New York and London. GSC's investors include both institutional investors and substantial net worth individuals seeking sophisticated alternative investing opportunities.