Muddy Waters Capital, an activist investment firm, has appointed Terrence L Ing as Head of Credit.
Ing will identify opportunities for activism within the corporate credit market, including investment grade credits that could re-rate to high-yield, and in companies with financial statements that obscure economic reality through heavy use of financial engineering. Ing will also assist Muddy Waters with expressing its views through derivatives and various securities across the capital structure.
Prior to Muddy Waters, Ing served as a portfolio manager and senior analyst for PIMCO's USD3.3 billion Global Credit Opportunity Hedge Fund, where he focused on cross sector credit relative value and long /short opportunities. In 2015, the fund was recognised by Absolute Return as the best hedge fund in the Credit & High Yield (above USD500 million) category.
"I've known Terry for many years and his experience analysing complex corporate and capital structures on both the equity and debt side will further enhance our robust research and investment process," says Carson C Block, Founder and Director of Research at Muddy Waters Capital. "I'm excited he is joining the team."
"Muddy Waters is an important skeptical voice in the marketplace and I've admired their work since the firm was founded," says Ing. "Carson and I share a passion for uncovering truths about companies that the market has yet to discover."
Prior to working for PIMCO's Global Credit Opportunity Hedge Fund, Ing was a senior credit analyst responsible for US telecom, media and technology sectors and managed a team of analysts. Prior to joining PIMCO in 2007, he was a senior analyst at Wells Fargo's securities investment group, covering various sectors, and generated cross sector relative value ideas. Previously, he was an equity research analyst at Credit Suisse First Boston. He has 16 years of investment experience and holds a master's degree in mathematics of finance from Columbia University and an undergraduate business administration degree from the University of Southern California.
