Neil Servis and Hassan Jeraj interviewed in Institutional Asset Manager’s Alpha Q June 2015 Edition

Mousetraps and the art of generating alpha

James Williams interviews structured credit specialists Serone Capital.

May was the tenth consecutive month in Europe for issuance of collateralised loan obligations (CLOs) – and as IFRAsia reported on 13th May, that is the longest period of CLO issuance since the global financial crisis.

CLOs are structured credit vehicles that pool together mainly leveraged loans and slice them into different tranches of risk, producing a range of bonds that are typically investment grade and take the form of floating rate notes.

According to Credit Suisse, CLO volumes could reach between EUR17 billion and EUR20 billion in 2015. This is on the back of approximately EUR8.9 billion of CLO paper issued in 2013, whilst in 2014 some 35 issues originated in Europe for a combined total of EUR14.5 billion. That is still some way off the EUR80.5 billion in European CDO and CLO issuance pre-crisis but the key point is that the primary market is swinging back up.

This augurs well for structured credit specialists who invest and trade in CDO and CLO securities, one of which is London based Serone Capital, whose Serone Key Opportunities Fund launched on 24th February, 2012.

Read the entire article by clicking on the link below:

Jun15 AlphaQ Serone Interview

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Disclaimer/terms and conditions

UK subscribers

  • Serone Capital Management LLP (‘Serone’) is authorised and regulated by the Financial Conduct Authority (‘FCA’), firm registration number 502305, and may only deal with/for professional clients and eligible counterparties.
  • By confirming that I am an investment professional/professional client, Serone will treat the user as having accepted and understood the FCA’s definition under the UK regulatory system, which may be found at the following link:

http://fshandbook.info/FS/html/FCA/COBS/3/5#D183

US subscribers

  • Serone Capital Management LLP (‘Serone’) is a Securities & Exchange Commission (‘SEC’) ‘Registered Investment Adviser’.  It acts solely as a private funds adviser, as per section 3(c)(7) of the Investment Company Act of 1940. Serone may only deal with/for ‘qualified purchasers’.
  • By confirming that I am a qualified purchaser, as defined under section 2(a)(51)(A) of the Investment Company Act of 1940, Serone will treat the user as having accepted and understood the SEC’s definition under the US regulatory system, which may be found at the following link:

https://www.sec.gov/about/laws/ica40.pdf

Swiss subscribers

  • Swiss Representative: Mont-Fort Funds AG, 63 Chemin Plan-Pra, 1936 Verbier, Switzerland
  • Paying Agent: Banque Heritage SA, 61 Route de Chene, Case Postale 6600, CH-1211 Geneve 6, Switzerland
  • Note: In respect of the shares distributed in or from Switzerland, the place of jurisdiction under Swiss Law is the registered office of the Swiss representative
  • Serone may only deal with/for qualified investors as defined by:

https://www.vsv-asg.ch/uploads/file/interessenvertretung/2014/kkv-en.pdf#search=”qualified investors”

Other subscribers

  • Access to this site is only directed at/intended for those in jurisdictions where the use of this site is permitted by law/regulation.
  • Persons who wish to access this site are required by Serone to inform themselves about and to observe any legal or regulatory restrictions which may affect their eligibility to access the site or to subscribe for interests in the investment products.  Professional advice should be sought in case of doubt.

General

  • I understand that estimated performance and/or valuation/NAV data may vary materially from the official valuation/NAV and may not be the price at which subscriptions/redemptions may be made.
  • Investment decisions are made at my own risk.
  • To the best of my knowledge, after due enquiry, I am permitted by the laws of my jurisdiction of residence to access this site and the information contained herein
  • The content of this site is for information purposes only and does not constitute an offer/solicitation/advice/recommendation to purchase/sell products.
  • Products are only sold in accordance with the legal offering documents.

I Confirm that I am a Qualified Purchaser as defined by the SEC, I am a Qualified Purchaser as defined by my home regulator.

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