CLO moves afoot at Oak Hill, Och-Ziff

Oak Hill Advisors has hired two CLO specialists, while one has retired. Och-Ziff also saw a departure in its CLO group, with Don Young moving to the Security Benefit Corporation.

John Convery is joining Oak Hill Advisors (OHA) in a senior role focused on CLO issuance, PDI understands. Convery was previously a managing director at GreensLedge Capital Markets, which he joined in September 2012 from Deutsche Bank. He worked at Deutsche Bank for 12 years as a managing director and head of the global CDO business overseeing origination, structuring and distribution.

At Oak Hill, Convery replaces Goren Puljic, who was the co-head of corporate structured products and a partner but recently retired. Puljic joined OHA in 2008 from Lehman Brothers Private Equity, where he was head of the structured credit investment team. The bank collapsed that year in the midst of the financial crisis.

OHA runs two CLO groups: one that deals with issuance and another that invests in CLOs in the market. Convery and Puljic are associated with the former, while TK Narayan is a portfolio manager on investing, who also joined from Lehman in 2008. 

Jeff Dudas recently joined Narayan’s CLO investment group at OHA as a managing director. Prior to Oak Hill, he worked at Morgan Stanley for 15 years, including five in London, where he was a managing director and head of the CLO trading desk.

In other CLO moves, Don Young, a managing director with Och-Ziff Capital Management, is moving to the Kansas-based insurance company Security Benefit Corporation. Young was with Och-Ziff for close to three years. He worked as a senior portfolio manager at Octagon Credit Investors (now part of Conning) and Primus Asset Management before Och-Ziff. Brett Klein, head of distressed debt and credit, is continuing to run a team of 15 investment professionals at Och-Ziff, a spokesman said.

Security Benefit has been expanding its credit capabilities, PDI understands. The insurer started a senior lending partnership with OHA and TCW Direct Lending last year.