Former Hayfin exec returns to GreensLedge

Two managing directors have left Hayfin as it undergoes a number of changes post-recapitalisation.

Paul Levy has returned to structured credit investment firm GreensLedge, after leaving his role of managing director at direct lender Hayfin Capital Management.

Levy re joined GreensLedge as a managing director this month, according to his LinkedIn profile.

Levy previously worked in the same role at the structured credit workshop and advisor to debt fund managers. He spent a year and a half there before joining Hayfin in January 2014.

Rinaldo Olivari has also departed his position as managing director at Hayfin, as the private debt lender undergoes a reshuffle in ownership. Prior to joining Hayfin, Olivari was an executive at private investment firm TPG Capital.

The news of Levy and Olivari's departure comes after Jeff Sockwell, former managing director for origination at Hayfin, made his exit. Sockwell will continue to advise Hayfin. He is believed to have re-located to the US though, a market source said.

Hayfin declined to comment.

Prior to Levy's first tenure at GreensLedge, he was a managing director and European co-head of FICC Structuring at UBS. He built and co-headed a team of around 60 people, which provided client solutions across credit and macro asset classes using cash and derivative instruments. He had a particular focus on credit products including various forms of financing and repackaging transactions, according to his LinkedIn profile.

Levy also spent two years as head of exotic credit structuring for EMEA at Merrill Lynch and almost five years at Deutsche Bank as co-head of synthetic structuring.

Owners of Hayfin, which manages €6 billion in assets, agreed to reduce their stakes in the business and return capital to its institutional investors in May through a recapitalisation, after a sale of the firm was dropped late last year owing to its complication.

Hayfin sold a €705 million portfolio of owned assets to existing shareholder, The Future Fund, Australia's sovereign wealth fund, to facilitate the process. TowerBrook Capital Partners, the Public Sector Pension Investment Board (PSP Investments), Ontario Municipal Employees Retirement System (OMERS) Management and The Future Fund all reduced their equity stakes, while management and the team at Hayfin increased their stake in the business.