Marathon Asset Management
Encyclopedia
Marathon Asset Management is an investment manager focused on opportunistic investing in credit and fixed income
markets globally. Marathon manages a family of investment programs principally focused on credit strategies including hedge funds, managed accounts, single-client funds and collateralized loan
, and debt obligation vehicles
.
The firm's core competency is distressed and situational investing in the global credit and fixed income markets. Marathon utilizes a research-intensive approach, risk management
discipline, and an integrated platform. In addition, the firm has the flexibility to invest across the capital structure
, including securities, loans, and structured products.
The firm is headquartered in New York City
with investment offices in London
and Singapore
. Marathon is one of eight firms selected by the U.S. Department of the Treasury to manage the Legacy Securities Public Private Investment Program (PPIP) Fund.
Founded in 1998, Marathon manages over $10 billion of capital. The firm is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser under the Investment Advisers Act of 1940
. In addition, Marathon is a member of the National Futures Association
(NFA) and is registered with the Commodity Futures Trading Commission
(CFTC) in the U.S., the Financial Services Authority
(FSA) in the UK, and is notice filed as an exempted fund manager with Monetary Authority of Singapore
(MAS) in Singapore.
On August 2008, the firm relocated its headquarters to One Bryant Park, the world's most environmentally responsible high-rise office building and the first building of its size to achieve a top ranked Platinum Leadership in Energy and Environmental Design
(LEED) certification from U.S. Green Building Council (USGBC).
On July 8, 2009, Marathon was selected by the U.S. Department of the Treasury to serve as one of eight firms to manage the Legacy Securities Public Private Investment Program (PPIP) Fund.
Bruce Richards is a Co-Managing Partner and the Chief Executive Officer of Marathon, and is responsible for general oversight of the firm’s capital across its funds and managed accounts as well as the firm’s operational initiatives and its strategic direction. He has 28 years of experience in principal investing and alternative asset management leadership.
Louis Hanover is a Co-Managing Partner and the Chief Investment Officer of the firm, overseeing Marathon’s portfolio managers and their investment activities. He has extensive trading experience and expertise as an asset manager, arbitrageur, and risk manager in both the equity and fixed income markets on a global basis.
Andrew Rabinowitz is a Partner and the Chief Operating Officer. He manages Marathon’s day-to-day activities including oversight of the firm’s global infrastructure such as operations, treasury, legal, compliance and technology, and assisting on business development. He is a CPA in the State of New York and is currently a member of the Bar in New York and Washington, D.C. He also co-founded the R Baby Foundation which is the first and only not-for-profit foundation focused on saving babies lives through improving pediatric emergency care.
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....
markets globally. Marathon manages a family of investment programs principally focused on credit strategies including hedge funds, managed accounts, single-client funds and collateralized loan
Collateralized loan obligation
Collateralized loan obligations are a form of securitization where payments from multiple middle sized and large business loans are pooled together and passed on to different classes of owners in various tranches...
, and debt obligation vehicles
Collateralized debt obligation
Collateralized debt obligations are a type of structured asset-backed security with multiple "tranches" that are issued by special purpose entities and collateralized by debt obligations including bonds and loans. Each tranche offers a varying degree of risk and return so as to meet investor demand...
.
The firm's core competency is distressed and situational investing in the global credit and fixed income markets. Marathon utilizes a research-intensive approach, risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
discipline, and an integrated platform. In addition, the firm has the flexibility to invest across the capital structure
Capital structure
In finance, capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. A firm's capital structure is then the composition or 'structure' of its liabilities. For example, a firm that sells $20 billion in equity and $80...
, including securities, loans, and structured products.
The firm is headquartered in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
with investment offices in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. Marathon is one of eight firms selected by the U.S. Department of the Treasury to manage the Legacy Securities Public Private Investment Program (PPIP) Fund.
Founded in 1998, Marathon manages over $10 billion of capital. The firm is registered with the U.S. Securities and Exchange Commission (SEC) as an investment adviser under the Investment Advisers Act of 1940
Investment Advisers Act of 1940
The Investment Advisers Act of 1940, codified at through , is a United States federal law that was created to regulate the actions of investment advisers as defined by the law.-Overview:The law provides in part:-Contents:...
. In addition, Marathon is a member of the National Futures Association
National Futures Association
The National Futures Association is an independent self-regulatory organization and watchdog of the commodities and futures industry in the United States. The NFA oversees and protects investors from fraudulent commodities and futures activities. The NFA also provides mediation and arbitration...
(NFA) and is registered with the Commodity Futures Trading Commission
Commodity Futures Trading Commission
The U.S. Commodity Futures Trading Commission is an independent agency of the United States government that regulates futures and option markets....
(CFTC) in the U.S., the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
(FSA) in the UK, and is notice filed as an exempted fund manager with Monetary Authority of Singapore
Monetary Authority of Singapore
The Monetary Authority of Singapore is Singapore's central bank and financial regulatory authority...
(MAS) in Singapore.
History
Marathon was formed in January 1998, as Marathon Asset Management LLC, by managing members Bruce Richards and Louis Hanover who have over 25 years of investment experience in distressed and situational investing. In 2008, Marathon was reorganized as a Delaware limited partnership.On August 2008, the firm relocated its headquarters to One Bryant Park, the world's most environmentally responsible high-rise office building and the first building of its size to achieve a top ranked Platinum Leadership in Energy and Environmental Design
Leadership in Energy and Environmental Design
Leadership in Energy and Environmental Design consists of a suite of rating systems for the design, construction and operation of high performance green buildings, homes and neighborhoods....
(LEED) certification from U.S. Green Building Council (USGBC).
On July 8, 2009, Marathon was selected by the U.S. Department of the Treasury to serve as one of eight firms to manage the Legacy Securities Public Private Investment Program (PPIP) Fund.
Management
The firm is led by Bruce Richards, Louis Hanover, and Andrew Rabinowitz.Bruce Richards is a Co-Managing Partner and the Chief Executive Officer of Marathon, and is responsible for general oversight of the firm’s capital across its funds and managed accounts as well as the firm’s operational initiatives and its strategic direction. He has 28 years of experience in principal investing and alternative asset management leadership.
Louis Hanover is a Co-Managing Partner and the Chief Investment Officer of the firm, overseeing Marathon’s portfolio managers and their investment activities. He has extensive trading experience and expertise as an asset manager, arbitrageur, and risk manager in both the equity and fixed income markets on a global basis.
Andrew Rabinowitz is a Partner and the Chief Operating Officer. He manages Marathon’s day-to-day activities including oversight of the firm’s global infrastructure such as operations, treasury, legal, compliance and technology, and assisting on business development. He is a CPA in the State of New York and is currently a member of the Bar in New York and Washington, D.C. He also co-founded the R Baby Foundation which is the first and only not-for-profit foundation focused on saving babies lives through improving pediatric emergency care.
Offices
According to Marathon’s website, the firm has three office locations:- New York CityNew York CityNew York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
(headquarters): One Bryant Park - LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
: MCAP Global Finance Gordon House - SingaporeSingaporeSingapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
: L25 One Raffles Quay