The Team
Investec’s CLO Management Team was set up in 2005 to develop the Securitisation and Principal Finance business within Investec. The team has a strong focus on credit, analytics, structuring and in-house modelling.
Andrew Clapham, Head of Principal Finance
Andy joined the Investec Group in July 2005 to build and run the Principal Finance area. Prior to that, Andy spent five years as Senior Managing Director running the European Securitisation and Principal Finance businesses at Bear Stearns. Prior to this he was Managing Director and Head of Principal Finance at Nikko Securities. At Nikko Securities Andy was responsible for managing various aspects of the privatisation of Powell Duffryn, and the subsequent £300 million leveraged securitisation, in addition to managing other investments such as the Roadchef Motorway Service Area chain. Prior to that, Andy spent 13 years as Managing Director at Greenwich Natwest as head of its Securitisation and Principal Finance businesses. During this time Andy was responsible for arranging and managing the world’s first CLO in 1991, the $1 billion Thames Funding programme, and for arranging and managing the world’s first balance sheet CLOs, the Rose Funding No.1 and Rose Funding No.2 transactions, of an aggregate of $10 billion in size. In addition, he arranged and managed Europe’s first asset backed CBO, the $500 million TAGS No.1 plc. Andy also arranged and was responsible for managing the Thames Asset Global Securitisation Inc., or TAGS, a $10 billion asset backed commercial paper programme. Andy is accredited with being one of the founders of the CDO market, developing innovative programmes such as Rose Funding. In 2002, Andy was voted one of the top 10 structured finance professionals of the last 25 years by his peers. Andy has 20 years' experience in Europe of successfully managing over $25 billion in assets as diverse as corporate loans, senior secured loans, asset backed bonds, lease receivables and business cash flows. Andy has a BSc in Mechanical Engineering from Nottingham University, in the United Kingdom.
Henrik Malmer, Head of Portfolio Management, Risk and Distribution
Henrik joined the European Principal Finance team in September 2005. He is on the EPF Investment Committee, trades the proprietary trading book for IPF, in addition to playing an essential part in the risk management of the residential and commercial mortgage business and the CLO/CDO management business. Henrik has eight years of structured credit experience and spent time at both Wachovia Securities and Bear Stearns in the role of ABS/CDO Secondary Trader, as well as ABS/CDO Syndication. Henrik was also involved in the management of assets before their inclusion in third party CDOs at Bear Stearns, as well as playing an active role in the reverse engineering and fundamental analysis of ABS/CDOs for the trading desk and for CDO managers. He has a BSc in Economics and an MSc in Investment Management from Cass (City University) Business School in the UK.
David Beadle, Head of Corporates
David joined Investec in May 2005, and today leads the Corporates team, a role in which he oversees the team of dedicated leveraged loan analysts in sourcing new investment opportunities and in ongoing surveillance of portfolio cases and acts as Portfolio Manager for the Gresham Capital CLO programme. David has over 20 years of financial markets experience and prior to joining Investec was with NIB Capital for three years, where he led the origination and analysis team for the North Westerly CLO business. He previously spent 17 years with The Royal Bank of Scotland where he undertook a variety of front line and credit roles in corporate banking, culminating in five years in Leveraged Finance, where he had senior roles in both loan management and origination of lead transactions. David is an Associate of the Chartered Institute of Bankers.
Anant Patel, Head of Operations & Analytics
Anant joined Investec in October 2005 and is responsible for analytics and operations within European Principal Finance. Previously he was Head of Financial Analytics and Structured Transactions Europe at Bear Stearns International where he was in charge of securitisation structuring, fixed income & derivative analytics and portfolio advisory services. Before joining Bear Stearns, Anant was Head of Portfolio Strategies and Research for fixed income and equity products at Nomura International. Prior to that, he was Senior Portfolio Strategist in the Fixed Income Research Department at Lehman Brothers International in London. Anant has 17 years’ experience in the financial markets, beginning his career in the City in 1989 at Kleinwort Benson, developing systems infrastructure for money market, swaps and derivative instruments. He holds an MBA in Finance from Cass (City University) Business School in the UK and a BSc in Computer Systems Engineering from the University of Kent, Canterbury, in the UK.
James Pringle, ABS/CDO Structurer
James Pringle joined Investec Principal Finance in January 2006 as an ABS/CDO Structurer. James previously worked within the CDO Group at Deutsche Bank and participated in the structuring of cash CDOs. He holds a B.A. (Mod.) in Computer Science and an M.Sc. in High Performance Computing from Trinity College Dublin in Ireland.
Duncan Smith, Portfolio Manager
Duncan joined Investec in early 2004 as an Analyst within the Corporates team. Since 2007 he has taken on a Portfolio Manager Role for the Gresham Capital CLO platform. Prior to joining Investec Duncan worked for BDO for 7 years, formerly for 5 years in their Johannesburg office where he qualified as a Chartered Accountant and latterly for 2 years in their London office. He holds a Bachelor of Commerce (Honours) degree from the University of South Africa.
Nick Howard, Credit Analyst
Nick joined Investec as an Analyst in September 2005. Nick is responsible for the analysis of leveraged loans, together with responsibility for on-going monitoring of the performance of certain loans with a particular focus on the Broadcasting, Cable and Telecommunications sectors. Formerly, Nick was at Sumitomo Trust, where he looked after a wide portfolio of leveraged loans. He holds a degree in Biomedical Science from the University of Kinston-upon-Thames.
Greig Carstens, Credit Analyst
Greg Carstens joined Investec in April 2006 as a loan analyst. He is responsible for the analysis of new investment opportunities in leveraged loans and the on-going monitoring of their performance. Greig concentrates on the Aerospace, Leisure and Retail sectors. Prior to joining Investec Greig worked for Deloitte Corporate Finance in London in their Quoted Lead Advisory practice focusing on Listed Companies. Greig qualified as a Chartered Accountant with KPMG in Johannesburg whom he joined in 2001 specialising in banking and asset management. Greig holds a Bachelor of Commerce (Honours) degree from Rand Afrikaans University.
Steve Torr, Credit Analyst
Steve joined Investec in August 2005 as a loan analyst responsible for the analysis of leveraged loans and the monitoring of these loans with a particular focus on the Capital Goods, Durables and Packaging industries. Steve was formerly at Clearvision Advisory Limited, where he worked as an analyst, providing corporate finance and debt structuring advisory and consultancy services to a wide range of European and US corporate clients. Steve has also previously worked for Madoff Securities as an equity analyst. Steve holds a Bachelor of Commerce (Honours) degree from the University of South Africa and is a qualified Chartered Accountant. He is also registered with the NASD.
Richard Swift, Credit Analyst
Richard joined Investec in October 2003 in Internal Audit before becoming an analyst in the Corporates team in August 2006. He is responsible for the analysis of new leveraged loans opportunities and the ongoing monitoring of performance of a portfolio of loans which focus on the Transport, Financial and Healthcare industries. Prior to Investec he worked as a European equity analyst at Govett Investments and originally qualified as a Chartered Accountant at KPMG where he specialised in auditing and consulting for Financial Sector clients. Richard holds a Bachelor of Commerce (Honours) degree from the University of Edinburgh and he also holds the Investment Management Certificate.
Kai Stengel, Credit Analyst
Kai joined Investec in January 2008. Prior to Investec, he worked for 6 years at IKB Deutsche Industriebank AG, where he spent 3 years in Project Finance and 3 years in the Acquisition Finance team. In his analyst role, Kai is responsible for the analysis of loans in the leveraged market, with a particular focus in the automotive, chemical and publishing sectors. In addition, he is responsible for monitoring the performance of a portfolio of loans, many of which he previously analysed at IKB. Kai holds a Bachelor of Business Administration (Honours) degree from the University of San Diego.