HONG KONG, Oct 5 (LPC) - Australia's Tanarra Capital has
hired credit market veterans Michael Tierney and Peter Szekely
to set up a fund focussed on Asian loans.
Tierney, head of leveraged finance for Asia Pacific at
Credit Suisse, left the bank on Wednesday after more
than 20 years and will not be replaced, sources said. Credit
Suisse declined to comment.
Szekely, a former leveraged finance and high-yield banker,
resigned from ANZ as head of specialty funds for Asia
in mid-September. His departure was confirmed by ANZ.
The two are expected to start at Tanarra in December.
Tierney will be based in Melbourne and Szekely in Hong Kong.
Melbourne-headquartered Tanarra, which describes itself as a
family office investment and advisory firm, is looking to raise
up to A$250m (US$192m) for the credit fund from institutional
investors and high-net-worth individuals. It plans to invest in
senior secured loans with Triple B and Double B ratings.
"The fund aims to fill the gap created by the pressure on
banks in Asia and Australia to reduce assets on their balance
sheets as a result of increased bank capital requirements," said
John Wylie, founder of Tanarra Capital.
"We believe it presents the most compelling opportunity in
the region's financial markets that will allow investors to make
risk-adjusted returns with diversification."
The fund is open to investing in all industries and will
source its investments from the primary and secondary loan
markets in Asia.
The move will be Wylie's first foray into Asian credit after
a long career in M&A advisory and private equity.
A star investment banker at Credit Suisse in Australia in
the 1990s, Wylie co-founded boutique advisory firm Carnegie
Wylie at the turn of this century and sold it to Lazard in 2007.
Wylie set up Tanarra Capital in 2015 after stepping down
"Michael and Peter are among the most experienced and
respected professionals in this market in the Asia Pacific
region," said Wylie, who is also chairman of the Australian
Sports Commission and a passionate cricket fan.
At Credit Suisse, Peter Colwell will remains head of
leveraged finance, Australia. Based in Sydney, he is responsible
for covering leveraged and acquisition finance, loan
syndication, and debt advisory.
Szekely resigned from ANZ less than a year after joining
last November. He earlier spent four years as head of high-yield
product group at Standard Chartered, and previously worked at
StormHarbour Securities, Morgan Stanley, Credit Suisse and
(Reporting By Prakash Chakravarti at LPC; Editing by Steve
Garton and Vincent Baby)