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Senior Credit Suisse CLO manager joins 3i

Andrew Bellis, a senior CLO manager at Credit Suisse, has joined 3i Debt Management as a partner in a further sign of the group’s ambitious growth plans.

UK-listed 3i Group’s debt arm, 3i Debt Management (3iDM), has made a high profile addition to its senior management team. The unit has hired Andrew Bellis as a managing director and partner with responsibility for the group’s global strategic growth, it said in a statement.

The appointment is the latest in a string of hires by 3i as it seeks to build out its debt management arm. David Fewtrell joined last month as a portfolio manager, while last year, Rob Reynolds joined as head of 3iDM’s credit opportunity fund and David Standbrook and Andrew Vile were appointed as associate directors. Its London-based team now numbers 30 staff.

It also recently acquired seven European CLO management contracts from Invesco, bringing its pro forma assets under management to €6 billion across 17 funds comprising CLOs, private equity funds of funds, mezzanine, a managed account and a credit opportunity fund.

CLO fundraising this year has already outstripped the figure for the whole of last year, according to Bloomberg, with $13.9 billion raised to date compared to $11.7 billion in 2011.

Bellis joins from Credit Suisse, where he was most recently global head of new issue collateralised loan obligations. He has more than 14 years’ experience of originating and structuring CLOs, having previously worked in senior roles at Bank of America Merrill Lynch. His start date at 3iDM has yet to be finalised.

Bellis will be based in London, and will report to 3iDM chief executive and managing partner Jeremy Ghose.
“3iDM is currently in a period of significant growth as we look to build a global multi-product debt platform,” said Ghose in a statement. “Andrew joins us at such an exciting phase of our development.  He brings extensive strategic and commercial experience in the debt market which will be invaluable as we continue to grow.”   

Credit Suisse will reportedly replace Bellis with New York-based Brad Larson, who will now run the global CLO origination business. The group’s recent mandates include the arrangement of a $514 million CLO for Apollo Global Management, and a $362 million fund for ING Alternative Asset Management.