Constancy Worldwide is winding down its European direct lending enterprise and might be slicing jobs, because it emerged that the agency’s co-chief funding officer for fastened earnings, multi asset and personal property has stepped down.
Andrew McCaffery has departed after 5 years at Constancy, a spokesperson confirmed, with Andrew Wells, president of Constancy Canada, to take over his function on an interim foundation.
Wells beforehand held the place of world chief funding officer of fastened earnings, options and actual property at Constancy Worldwide from 2010.
Learn extra: Constancy bolsters personal property group
The spokesperson mentioned that Constancy Worldwide stays dedicated to personal property, with plans to broaden its actual property and collateralised mortgage obligation (CLO) companies.
Nevertheless, following a strategic overview, the agency has determined to not proceed with manufacturing proprietary European direct lending and infrastructure funding capabilities.
“Our dedication to personal property stays,” mentioned the spokesperson.
“We basically consider that entry to personal markets is a crucial consideration and part of a consumer’s total funding technique, and our purpose is to supply entry to a broad vary of merchandise and options on this area, both by our personal funding capabilities or offering entry to these of third events.
Learn extra: Constancy prepares to launch multi-credit ELTIF
“Constancy is in a singular place to seize the rising consumer curiosity in personal property with our robust wholesale, outlined contribution, and private investing companies. We’ve got the experience, scale, and innovation to supply our shoppers entry to high-quality personal property that may improve their returns, diversify their portfolios, and meet their long-term targets.”
