Angelo Gordon hires to exploit European consumer debt opportunities

Regulation and central bank stimulus changes are set to increase opportunities to acquire European debt.

Angelo Gordon has hired Sunil Kothari to help grow its residential and consumer debt investment business outside of the US.

Kothari was previously executive vice-president and portfolio manager at PIMCO Europe where he was head of the European asset-backed securities and covered bond desk. At PIMCO he led the acquisition of whole loan portfolios for both fixed income and alternative strategies.

As well as focusing on investments in consumer ABS and second lien residential mortgage-backed securities, Kothari was also the lead ABS analyst for PIMCO’s mandate as a collateral monitor, advising the Federal Reserve Bank of New York on consumer ABS and providing ongoing surveillance for the term asset-backed securities loan facilities programme.

Angelo Gordon’s residential and consumer debt business manages approximately $4.4 billion, predominantly in the US market, but is looking to expand its presence internationally. Kothari, who takes on the role of managing director, will be based in London and look to exploit opportunities in Europe.

“Sunil is a seasoned executive whose extensive knowledge of European mortgage and asset-backed markets will be key as we grow our residential and consumer debt team outside the US,” said TJ Durkin, co-head of structured credit at Angelo Gordon. “As the local regulatory environment evolves and the pace of central bank stimulus subsides, Sunil’s significant industry and originations experience will support and enhance our international operations going forward.”