Former BofA Merrill Lynch executive Graham Goldsmith and Stone Point Capital have created a new asset management platform, called Cross Ocean Partners.
Based in Greenwich, Connecticut and London, England, the newly launched entity will focus on stressed and distressed credit investment opportunities.
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Goldsmith, who was previously head of global credit and special situations at BofA Merrill Lynch, will the CEO and co-chief investment officer of Cross Ocean Partners.
Cross Ocean aims to focus on credit investments in a wide range of asset classes, including corporate loans and bonds, hard assets, commercial real estate, liquidations and structured credit.
Stone Point alongside Goldsmith and other members of management have committed $240m in funds to Cross Ocean.
Additionally, Cross Ocean has acquired Capula Investment Management’s European special situations business (ESS), which is headed by Steve Zander.
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By GlobalDataZander previously worked with Goldsmith at BAML as co-head of the global loan and special situations group and as CIO of Hayfin Capital Management.
As part of the acquisition, Zander will become Cross Ocean’s co-CIO and will be responsible for managing the company’s European business.
Stone Point CEO Chuck Davis said: "We believe their strategy, networks, experience and acumen, together with the full backing and support of Stone Point’s platform, position Cross Ocean to successfully build a differentiated approach to investing across the global credit markets."
