Law firm Paul Hastings announced that two leading Collateralized Loan Obligation (CLO) and Structured Finance partners will join the firm, as it continues to bolster its Finance and Corporate practices across key markets in the U.S., as well as in London and Hong Kong.

Scott Faga and Eugene Ferrer join the firm from Ashurst, where Faga was global co-head of the Securities and Derivatives Group and Ferrer was managing partner for the U.S. offices. Faga is based in Washington, DC, and Ferrer is based in New York, and join Paul Hastings with a highly experienced team of lawyers including Nicole Skalla and Brian Whaley.

The CLO market has rebounded since 2012 with the U.S. CLO market reaching $125 billion in 2014, surpassing its pre-crisis record of $97 billion and highlighting the remarkable recovery from a crisis low in 2009 when issuance was $3 billion. Scott and Eugene’s team serve as principal counsel to a number of leading CLO arrangers and in 2014 were involved in representing the arranger or collateral manager in over $25 billion of U.S. CLO issuance.

“The revitalization of the CLO market in the U.S. offers significant opportunity for our clients and for growth of our Finance practice,” said Elizabeth Noe, chair of the Corporate practice at Paul Hastings. “Scott and Eugene’s arrival will enable to us provide market leading expertise to help our clients take advantage of the resurgence, while also serving our strategy to continue to strengthen our offerings in our key markets and practice areas across our Corporate practice,” she added.