Onex Credit Partners, an arm of Onex Corp. that focuses on credit securities such as senior loans and high yield debt, has caught the attention of its parent group, which just granted OCP's management the green light to expand.
"Having navigated very well through the credit crisis, this is a platform that we have determined has real potential to grow," said managing director Andrew Sheiner, noting that OCP has posted big returns. Profits were particularly strong when financial markets tanked because OCP takes advantage of turbulent activity by using event-driven and long/short strategies.
The success has also boosted Onex's bottom line because it holds a 60 per cent stake in OCP.
To enhance the credit group's leadership, on Thursday Onex announced that Jack Yang will join OCP as managing partner. Most recently, Mr. Yang was managing partner of Highland Capital Management in New York and he will continue to work from the States for OCP. Mr. Yang has also been managing director and global head of leveraged finance products at Merrill Lynch.
Mr. Sheiner said Mr. Yang is highly respected in credit markets and Onex's management has had a personal relationship with him for a number of years.