Waterfall Asset Management is a global alternative investment manager focused on specialty finance opportunities within asset-backed credit, whole loans, real assets, and private equity. We look forward to their success and growth as the firm continues to expand across geographies and asset classes to identify markets where we have an advantage in our continued effort to deliver market-leading risk-adjusted returns for our clients." Tom Capasse, co-founder of Waterfall along with Jack Ross, said: "Waterfall is driven by the innovative and entrepreneurial nature its employees bring to capital solutions, and Keerthi and Leo have embodied that ethos during their tenure. Raghavan received a B.Tech in Electronics and Communications Engineering from the Indian Institute of Technology and an M.B.A. He joined Waterfall in 2014 from Barclays Capital where he led the firm's CMBS Research division. Raghavan leads Waterfall's Bond Trading strategy focusing on investments in ABS, CMBS, RMBS, CLOs and Corporates, and is a member of the Waterfall Investment Committee. in Computer Science and Electrical Engineering from the Massachusetts Institute of Technology. Wong started his career in RMBS and ABS research in Fidelity Investment's Structured Products Group after earning a B.S. He joined Waterfall in 2007 to lead the firm's residential loan investment and trading activities, most recently serving as Head of Loan Strategies and as a member of the Waterfall Investment Committee. Wong has over 15 years of industry experience. Their promotions recognize the leadership of Raghavan and Wong in developing Waterfalls' high yield ABS trading and residential loan strategies, respectively. Wong and Raghavan are based in the firm's New York office and join the six current Partners at the firm. 12, 2022 /PRNewswire/ - Waterfall Asset Management is pleased to announce the promotion of both Leo Wong and Keerthi Raghavan to Partner from Managing Director.
Waterfall’s SBC strategy seeks to enhance returns through non-recourse leverage via the issuance of asset backed securities backed by SBC loans.Firm expands senior leadership with internal promotions from loan and bond strategies The firm’s expertise is founded upon the deep experience of its principals, who began actively investing in SBC loans in the early 1990s. Since 2008, through its comprehensive SBC platform, Waterfall has purchased approximately $1 billion in loan assets nationwide.
Waterfall’s high-yield strategy has the ability to employ leverage and Waterfall actively seeks to hedge both interest rate and credit (tail) risk. The firm seeks to create a considerable new issue pipeline through existing direct relationships with specialty finance companies and an expansive network of brokers. In addition to its multi-sector focus, Waterfall is one of the few ABS specialists to source product through three distinct channels: the distressed secondary markets, new issue market and purchase/securitization of whole loans. Waterfall seeks relative value across the entire market, particularly esoteric sectors, examples of which include timeshares receivables, small balance commercial mortgages and reverse mortgages. The investable universe of ABS includes over 60 sectors and extends well beyond traditional structured credit – notably residential mortgage backed securities (RMBS). Waterfall is strategically positioned to leverage the expertise and experience of its founding principals – Tom Capasse and Jack Ross – who established Merrill Lynch’s ABS Group in the 1980s and created many of the first securitizations. Despite the recovery in the multi-trillion dollar global Asset Backed Securities (ABS) market since the depths of the financial crisis, hundreds of billions of dollars of legacy distressed ABS remain outstanding.
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