KBRA formed a global team dedicated to the continued growth of its private credit direct lending feeder note, collateralized loan obligation (CLO) and credit facility ratings.
Eric Neglia has been appointed global head of KBRA’s newly established corporate portfolio finance and direct lending business. The unit will include 35 analysts based in New York, Chicago, London and Tokyo, focused on the ratings and research of transactions backed by portfolios of corporate loans, notes and bonds. These include feeder fund rated notes, middle market CLOs, credit facilities and select synthetic risk transfer structures. Eric Hudson and Sean Malone, senior managing directors, will continue to co-head KBRA’s structured credit business and will report into the corporate portfolio finance platform led by Neglia.
“The growth of the private credit direct lending business has been extraordinary, and KBRA’s ratings units that serve that market have grown in parallel, alongside strong growth in our middle market CLO and broadly syndicated loan businesses,” William Cox, chief rating officer at KBRA, said. “By bringing all relevant analysts together, we can serve lenders, arrangers and investors more thoughtfully and efficiently. Eric’s unique background of analytical experience and leadership skills position him perfectly to guide this rapidly expanding research and ratings platform.”
Neglia previously served as global head of KBRA’s funds ratings and ABS ratings teams. Prior to joining KBRA in 2015, Neglia was head of operational risk management at MasterCard Worldwide and spent 15 years at MBIA Insurance, where he underwrote ABS transactions.
In conjunction with these changes, Thomas Speller and Ryon Aguirre have been named co-heads of KBRA’s global funds debt ratings business reporting to William Cox. The funds team will include approximately 40 analysts across key global markets, supporting a broad and growing range of funds debt ratings.
“Other categories in our funds debt ratings business have also grown rapidly and have become increasingly complex,” Cox said. “Sponsors and lenders are creating longer-duration vehicles investing into an ever-growing variety of collateral types, especially asset-based finance. Tom and Ryon are brilliant thought leaders who will lead KBRA’s funds ratings team through the next generation of fund finance and fund investment vehicles.”
Speller joined KBRA in 2021 and has led the firm’s funds team in Europe while also serving as global head of fund finance. Prior to KBRA, he was an executive director at Goldman Sachs International, where he worked as a credit risk analyst covering a wide range of industries and products, with a particular focus on private equity funds, hedge funds and structured lending.
Aguirre has been with KBRA for eight years, working across the funds and RMBS analytical teams. He previously spent time at Guggenheim Investments, focusing on Agency RMBS and CMBS trading and portfolio monitoring. Earlier in his career, Aguirre served six years in the United States Navy.
As part of the broader leadership updates, KBRA has also implemented targeted enhancements within its business development organization to further align coverage, accountability and growth priorities across the firm. Constantine Schidlovsky will lead U.S. business development efforts for the corporate portfolio finance and direct lending platform, reporting to Jason Lilien, who continues to lead business development for this broader group and for structured credit. In Europe and the UK, Miten Amin will continue to serve as business development leader for structured credit.
In addition, Mike Caro and Rebecca Gudzy will assume responsibility for business development for the funds debt ratings business in the U.S., also reporting to Jason. Fantine Jeannon will continue to lead business development efforts across Europe and the UK.
