Babson Capital Europe appoints managing director

Babson Capital Europe, one of the largest fund managers of sub-investment grade credit in Europe, has appointed Kam Tugnait as a managing director.

Babson Capital Europe’s hire follows an expansion of its loan investment management platform into the growing asset class of senior secured bonds and high yield bonds. Babson Capital Europe, founded in 2000 as a platform for a multi-fund debt management business, invests in senior loans, mezzanine loans and buyout-related high yield bonds.

In his new role, Tugnait will be responsible for co-managing the European high yield fund, and will report to Zak Summerscale, head of Loans & High Yield. In the last year, Babson Capital Europe has launched a global senior secured bond Ucits fund and won the mandate to manage another Ucits fund. This year, Babson is planning to launch another Ucits fund focused on European high yield.

As of March 2011, Babson Capital Europe and its US parent Babson Capital Management LLC manage $28.4 billion in assets across a number of European, US and global loan and bond funds, of which Babson Capital Europe manages €6.5 billion across fourteen funds and seven separate mandates. Babson Capital Management manages $134.5 billion of fixed income and is part of MassMutual Financial Group.

Tugnait was last head of the Gartmore High Yield corporate Bond Fund. Babson said in a statement: “While at Gartmore, Tugnait was instrumental in improving processes and fund performance to top quartile in the peer group.” Prior to Gartmore, Kam served as head of high yield at Standard Bank and United Bank of Kuwait.

Summerscale said: “We are delighted that Kam has joined Babson Capital Europe. Kam’s high yield expertise complements our existing investment management platform and will be significant in growing our high yield asset management business.”

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