Gulf Stream Asset Management LLC expands operations
• Adds new funds, opens New York office and welcomes two senior leaders
• Expansion strategy led by Istithmar World Capital, majority shareholder in company
Gulf Stream Asset Management, LLC, a United States-based institutional asset manager of $3.8 billion of corporate credit portfolios for global institutional investors, today announced the expansion of its portfolio strategies by establishing a credit dislocation fund and a multi-strategy credit hedge fund. The move is part of Gulf Stream’s aggressive expansion strategy led by its majority stakeholder Istithmar World Capital, to capitalise on current market opportunities.
To further support the firm’s growth, Gulf Stream has also opened a New York City office and hired two experienced industry veterans to fill key leadership roles with the company. Mark Zusy has been named chief financial officer and will manage the firm’s New York office, and Sukai Liu has been appointed head of hedge fund portfolio management. Gulf Stream’s New York office is located in the Helmsley Building at 230 Park Avenue.
Earlier this year, Istithmar World Capital, the private equity and alternative investment arm of Istithmar World, acquired a majority stake in Gulf Stream. David Jackson, chief executive officer of Istithmar World Capital, said: “As we did last spring, we continue to see unparalleled growth opportunities in the market for credit and credit-related investments. Expanding Gulf Stream’s offerings, adding to its senior-level expertise and opening an office in New York City supports Istithmar World’s global strategy for unlocking growth and expansion in credit-related investment activities.”
Outlining the strategy behind the expansion, Mark Mahoney, President of Gulf Stream Asset Management, said: “The current market presents a historic level of relative value in the credit markets, which affords us the opportunity to broaden the company’s investment activities, welcome two industry leaders and open our New York office.
“The entire firm and our institutional clientele will benefit from the extensive background and investment expertise that Mark and Sukai bring to Gulf Stream. We look forward to capitalising on their intelligence and commitment far into the firm’s future.”
Zusy joins Gulf Stream with more than 25 years of broad capital markets experience with senior roles in the securitization of various credit and mortgage related products, structured products and additional experience in primary capital markets and derivative businesses.
Zusy has served in various capacities with Lehman Brothers for 21 years before departing in May 2007. Most recently, Zusy was the managing director responsible for Lehman Brothers’ collateralized debt obligations banking group involved with the origination, structuring and coordination of the distribution of funded transactions ¬ with a particular focus on the collateralized loan obligations business. He was chairman of the Bond Market Association’s collateralized debt obligations committee in 2006 and a founding member of the committee in 2002. Zusy, a certified public accountant, earned a master’s in business administration from the Wharton Graduate School of Business and a bachelor’s degree from the George Washington University.
Prior to joining Gulf Stream, Liu was founder and president of Visor Alternative Investments, LLC, a multistrategy credit and relative value investment manager. Previously, he was managing director and chief investment officer of CooperNeff Advisors Inc. and head of alternative credit of Fischer Francis Trees and Watts, both subsidiaries of BNP Paribas.
Liu’s experience also includes senior roles with SunTrust Capital Markets, Wachovia Capital Markets and Merrill Lynch. Liu is a chartered financial analyst and a member of the Association for Investment Management and Research, the International Financial Engineers Association and the Global Association of Risk Professionals. Liu earned his bachelor’s degree in electrical engineering and actuarial science from the University of Texas and a master’s degree in international business studies from the University of South Carolina.
