Voldstad on the birth of DPCs
Connie Voldstad was head of JP Morgan's first dedicated swaps desk, established Merrill Lynch's AAA-rated derivatives product company, and was one of the six-strong team charged with winding down Long-Term Capital Management. His latest project is a new AAA-rated derivatives product company, in partnership with Bank of Montreal. By Nick Sawyer
Credit derivatives product companies (CDPCs) have suddenly become all the rage. Along with incumbents Primus Guaranty and New York-based Athilon Capital, some new entrants have emerged - New York-based Invicta Credit being the most recent - and more are set to follow. At the start of this year, Moody's Investors Service revealed that it is evaluating 24 proposals for CPDCs - six from Europe and 18 from the US.
One of these is Pallium Investment Management, a joint venture between Bank of
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