{"id":735,"date":"2003-08-01T00:00:00","date_gmt":"2003-08-01T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"ex-citi-pro-readies-cdo-shop","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2003\/ex-citi-pro-readies-cdo-shop.html","title":{"rendered":"Ex-Citi pro readies CDO shop"},"content":{"rendered":"<p>A newly formed asset-management shop wants to purchase lower- rated asset-backed securities and package them into collateralized debt obligations.<\/p>\n<p>  The firm, StoneCastle Partners, was founded by Citigroup alumnus Joshua Siegel and two undisclosed partners. Its plan is to buy asset- backed bonds with ratings below single-A on behalf of its  clients, and to separately issue collateralized debt obligations and other types of structured products. &#8220;We hope to close our first deal by the end of the year,&#8221; Siegel said.<\/p>\n<p>  It&#8217;s too early to say what types of asset-backed securities the firm will target.<\/p>\n<p>  StoneCastle expects to finish moving into its Midtown Manhattan office by mid-August. The company will likely bring more structured- finance pros on board as its business grows, possibly doubling  the size of its staff by yearend, Siegel said.<\/p>\n<p>  Siegel left Citigroup&#8217;s CDO-underwriting unit in June to take part in the new venture. As a vice president at Citi, he was known for Grafting CDOs backed by complicated assets. For instance, he  worked on some of the earliest securitizations of banks&#8217; trust- preferred shares.<\/p>\n<p>  More recently, Siegel specialized in putting together &#8220;collateralized fund obligations&#8221; &#8211; deals backed by alternative- investment vehicles that buy shares of other hedge funds.<\/p>\n<p>  Copyright HARRISON SCOTT PUBLICATIONS Aug 1, 2003<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A newly formed asset-management shop wants to purchase lower- rated asset-backed securities and package them into collateralized debt obligations. The firm, StoneCastle Partners, was founded by Citigroup alumnus Joshua Siegel and two undisclosed partners. Its plan is to buy asset- [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-735","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=735"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/735\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}