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Four top CLO funds walk us through their investment process as they consider our CLO investment case studies. From relative value to manager due diligence, what are the key questions every CLO investor should ask before they buy?
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CloseMr. Jain is a Portfolio Manager at Hildene and joined in June 2020. Prior to joining Hildene, Mr. Jain was Head of Global Structured Credit at Hayfin Capital Management, a $16B private credit asset manager with strategies across Direct Lending, Special Situations, Structured Credit, Leveraged Loans & HY and Private Equity. Before Hayfin, Mr. Jain was Co-Head of Global Structured Corporate Credit & Head of European ABS at Prosiris Capital Management, a long/short credit hedge fund. Prior to Prosiris, Mr. Jain headed European CLO trading for Bank of America Merrill Lynch in London and made markets in US CLOs, TRUPs and ABS CDOs out of Bank of America’s New York office prior to his time in London. Mr. Jain started his career in New York at Merrill Lynch on a Principal Finance desk investing across aircraft, Latin America project finance, future flow securitizations, and structured products including CLOs, ABS CDOs, Credit Card ABS, and TRUPs. Mr. Jain graduated from University of Pennsylvania with a BSc in Computers and Telecommunications Engineering.
Michael has worked for nearly 30 years in the fixed-income business focusing predominantly on CLO and ABS CDO products. While at Credit Suisse, he was a Managing Director and Head of the CLO/CDO Secondary Trading Desk within the Fixed Income Division. During this time, Michael successfully guided his desk through the 2007-2009 economic crisis, where his focus was on proprietary trading opportunities. Michael has particular strength in trading CLO mezzanine and equity tranches. Michael is currently CIO and Portfolio Manager at Capra Ibex Advisors.
Mr. Polanskyj is a Senior Managing Director & Head of Structured Credit for Obra Capital. Prior to joining Obra Capital in 2022, Mr. Polanskyj was Managing Director and Head of U.S. CLO Management at Sculptor Capital Management (formerly known as Och-Ziff). In this role, Mr. Polanskyj oversaw the various aspects of creating, securitizing, and managing CLOs and similarly structured products as an issuer as part of ICS. This business grew from inception in 2012 to approximately $15 billion in assets in 2022. Previously, Mr. Polanskyj held various positions at Morgan Stanley, including roles as a strategist focused on credit, structured credit, equity derivatives, and capital structure arbitrage. He also worked as an independent consultant focused on employee stock option valuation and as a Supervising Actuary for Reliance National Insurance Company. Mr. Polanskyj holds a Bachelor of Arts in Economics and Mathematics from Rutgers University, where he was named a Henry Rutgers scholar, and a Master of Business Administration from Columbia Business School.