• Rothschild Credit Management (RCM) manages secured, sub-investment grade credit across a range of European & North American funds and investment mandates.

  • Independent teams in both Europe and North America actively manage diverse portfolios of par assets, focusing on the larger global issuers of secured credit.  

    RCM manages three distinct strategies, each focussed on the active management of diverse portfolios of performing credit.

    • Oberon
    • Europe: Contego
    • North America: Ocean Trails
  • Our teams are differentiated by their consistent outperformance of key indices, achieving strong investment returns through a combination of;

    • deep fundamental credit analysis
    • a proven and long established investment process
    • senior and experienced teams of analysts
    • continually drawing on the Rothschild & Co group's global platform of leading sector analysts to further inform our investment process and portfolio management
    • pro-active management of all portfolios, to maintain credit quality and to optimise relative value. 

     

     

  • Our investment strategy

    Experienced, sector focused analysts applying fundamental credit analysis to construct portfolios of performing credits. 

    RCM invests in the secured credits of the largest sub-investment grade issuers across Europe and North America.

    The end borrowers are significant businesses characterised by; 

    • predictable levels of surplus cash generation and low exposure to economic cycles
    • high barriers to entry/defendable market positions
    • substantial levels of asset cover
    • strong loan documentation and access to regular and comprehensive financial information andliquidity in the underlying  debt to facilitate active portfolio management


    Our proven investment process requires our analysts to continually assess their credit portfolios to preserve capital and ensure we optimise available returns.

     

  • Our approach

    With a prime focus on capital preservation, our conservative management style looks to deliver consistent above market returns through superior asset selection and diligent portfolio monitoring to identify and exit at the first signs of credit weakness.

    We operate well diversified credit portfolios, individual investments are typically 1%-3% of each fund.

    We maintain a low ratio of credits per analyst to facilitate in depth analysis and real time monitoring.

    Rothschild & Co invests directly across RCM's various credit funds creating a clear alignment of interest between the manager and the underlying fund investors.

  • Our team

  • Aisha Jones

    Senior Associate

    Andrew Weaver

    Investment Manager - Operations

    Arjun Dasgupta

    Investment Associate

    Ben Rothberg

    Investment Manager

    Bradley Bryan

    Director

    Caroline Ardant-Bernard

    Business Development

    Cheryl Wasilewski

    Director

    Chloe Qiao

    Investment Manager

    Cristina Barone

    Investment Manager

    Cynthia Lopez

    Senior Associate

    David Wilson

    Director

    Debra Lewis

    Consultant

    Dominic Courtman

    Director

    Etton Soriano

    Investment Analyst

    Graydon Wilcox

    Managing Director

    Heidimarie Skor

    Director

    Helen Rhee

    Director

    Jacob Walton

    Director

    Joy Jacob

    Director

    Koralia Kubowicz

    Investor Relations Officer

    Michael Clancy

    Co-Head of RCM

    Michael Hatley

    Managing Director

    Paul Tapper

    Director

    Phil Yeates

    Co-Head of RCM

    Pramal Patel

    Chief Operating Officer

    Tim Ayles

    Director

    Todd Solomon

    Vice President

    Victoria Williams

    Investment Analyst - Operations

    Aisha Jones Image

    Aisha Jones

    Senior Associate

    Pior to joining RCM (North America) in 2015, Aisha was with Westgate where she began her career in loan administration and portfolio compliance in 2007.  Aisha earned her degree in Public Administration Financial Management from California State University, Dominguez Hills.

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    Andrew Weaver Image

    Andrew Weaver

    Investment Manager - Operations

    Prior to joining RCM (Europe) in 2013, Andrew worked in the Rothschild Banking Administration Team since 2007. Previously he worked at RBS. Andrew holds a degree from University of London in Mathematics and Statistics.

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    Arjun Dasgupta Image

    Arjun Dasgupta

    Investment Associate

    Prior to joining RCM (Europe) in 2013, Arjun was at RBS working in the Leveraged Finance and Global Restructuring Group teams.  Arjun has an MSc in Finance & Economics from The London School of Economics and Political Science and obtained a BS in Computer Engineering from University of Arkansas

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    Ben Rothberg Image

    Ben Rothberg

    Investment Manager

    Prior to joining RCM (Europe) in 2016, Ben worked at Tikehau Capital where he worked on CLO and Leveraged Loan Fund platforms for 2 years. Prior to this he was employed at CIC Acquisition Finance for 4 years. Ben begun his career at Bank Leumi UK. Ben graduated from the University of Wales.

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    Bradley Bryan Image

    Bradley Bryan

    Director

    Prior to joining RCM (North America) in 2015, Bradley was with Westgate since 2011.

    Prior to that, he was a Senior Vice President at Imperial Capital and a Senior Vice President at Jefferies Capital Management where he was a Leveraged Loan and High Yield Research Analyst.  

    Bradley began his career at Jefferies & Company as a High Yield Research Analyst.

    He began his career at Bankers Trust Company in leveraged finance.

    Bradley received an MBA in Finance from the University of California-Berkeley, Walter A. Haas School of Business, and a B.A. in Economics from Northwestern University.

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    Caroline Ardant-Bernard Image

    Caroline Ardant-Bernard

    Business Development

    Prior to joining RCM (Europe) in 2015,  Caroline was responsible for Business Development and Client Relations at Lyxor Asset Management & BNP Paribas Investment Partners for their Debt Fund Management activities.  Prior to that she held roles at Goldman Sachs and GE Capital in asset sourcing, leveraged finance & M&A. 

    Caroline has an MBA from London Business School, BA in Economics & International Relations from Tufts University.

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    Cheryl Wasilewski Image

    Cheryl Wasilewski

    Director

    Prior to joining RCM (North America) in 2015, Cheryl was with Westgate since 2005. Prior to that, Cheryl worked at ING Capital Advisors where she was a Senior Credit Analyst.

    Prior to this, she was with Southern Pacific Bank in Los Angeles as the Senior Vice President and Manager of the Bank's Loan Participation and Investment Group.

    She also served as a Captain and Coordinator of Women's Athletics at the United States Military Academy.

    Cheryl received her B.S. in Physical Education from Southern Connecticut State University, and holds an MBA with a concentration in Finance from the University of Southern California.

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    Chloe Qiao Image

    Chloe Qiao

    Investment Manager

    Prior to joining RCM (Europe) in 2014, Chloe worked at Morgan Stanley on several leveraged loan transactions. 
    Chloe holds an MSc in Financial Economics from University of Oxford and an BSc in Computer Science and Technology from Capital University of Economics and Business.

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    Cristina Barone Image

    Cristina Barone

    Investment Manager

    Prior to joining RCM (Europe) in 2013, Cristina spent two years at Morgan Stanley, where she worked on several leveraged finance transactions.  Cristina holds a Master of Science in Finance from Bocconi University as well as a Bachelor in Business Administration and Management from Bocconi University.

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    Cynthia Lopez Image

    Cynthia Lopez

    Senior Associate

    Pior to joining  RCM (North America) in 2015, Cynthia was with Westgate where she began her career in corporate accounting and compliance since 2007. Cynthia received her Bachelor of Arts degree in Business Management Economics with an emphasis in Accounting from the University of California, Santa Cruz.

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    David Wilson Image

    David Wilson

    Director

    Prior to joining RCM (Europe) in 2011, David was a Portfolio Manager for Dalradian CLO I-IV at Elgin Capital from 2005 to 2011.

    Previously, he was a Portfolio Manager for Copernicus I and II at ING Capital Management and prior to that he headed London leveraged loan business for CIC.

    David has an MA in Land Economy. 

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    Debra Lewis Image

    Debra Lewis

    Consultant

    Prior to joining Rothschild in 1991, Debra worked at EY in London and Australia. Her experience includes a wide range of lending sectors and types and also debt advisory. She was Head of Credit from 2003 to 2010, when she became a consultant and now acts as an independent member of the RCM (Europe) Investment Committee. 
    Debbie has an LLB (hons) from Cardiff University and FCA (ICAEW). 

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    Dominic Courtman Image

    Dominic Courtman

    Director

    Prior to joining RCM in 2004, Dominic worked at Aberdeen Murray Johnstone where he invested in mid-market private equity transactions.

    Before this, he advised on M&A and private equity transactions at Deloitte Corporate Finance.

    Dominic is a Chartered Accountant, having qualified with Deloitte in 1996.

    He also has a BSC (hons) in Management Science from the University of Manchester.

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    Etton Soriano Image

    Etton Soriano

    Investment Analyst

    Prior to joining RCM (North America) in 2015, Etton worked at Goldman, Sachs & Co as an Investment Banking Analyst. Etton graduated from the Univerisity at Albany with a dual Bachelors of Science in Finance and Economics.

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    Graydon Wilcox Image

    Graydon Wilcox

    Managing Director

    Prior to joining RCM (North America) in 2015, Graydon was Head of WestGate since 2005.

    Prior to that Graydon worked at ING Capital Advisors where he was responsible for financial reporting and compliance across all of ICA's managed assets. Prior to this, Graydon served as Chief Financial Officer of Brandywine Asset Management.

    Graydon started his career as a senior audit manager at Tait, Weller & Baker. Graydon graduated from the Wharton School of Business at the University of Pennsylvania.

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    Heidimarie Skor Image

    Heidimarie Skor

    Director

    Prior to joining RCM (North America) in 2015, Heidi was with WestGate since 2005. Prior to that, Heidi worked at ING Capital Advisors where she was a Senior Credit Consultant.

    Prior to this, Heidi worked as the Head of Portfolio Management BHF-BANK for 12 years. Heidi earned her B.S. and MBA degrees from Fordham University.

    She is a CFA Charterholder, a member of the CFA Society and the NYSSA and has taught Corporate Finance as an Adjunct Professor at New York University.

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    Helen Rhee Image

    Helen Rhee

    Director

    Prior to joining RCM (North America) in 2015, Helen was with Westgate since 2005.

    Prior to that, Helen worked at ING Capital Advisors where she was a Senior Credit Analyst. Prior to this, she was a Vice President at Nippon Credit Bank. From 1991-1995, Helen  was an Assistant Vice President at Union Bank's Investment Banking Group.

    Helen began her career as a credit analyst for Bank of America. Helen received her BS in Finance and Business Administration from the University of Southern California.

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    Jacob Walton Image

    Jacob Walton

    Director

    Prior to joining RCM (Europe) in 2011, Jake worked on a variety of structured products at Elgin Capital and ABN AMRO Trust and Securitisation Services.

    Jake has split responsibilities between the portfolio management and CLO analytics functions. Jake holds an BA in History & Politics from Keele University. 

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    Joy Jacob Image

    Joy Jacob

    Director

    Prior to joining RCM (North America) in 2015, Joy was with Westgate since 2007.

    Prior to that, Joy was a Vice President in the Media & Entertainment Structured Finance group at ING Capital.

    Prior to ING, Joy was an analyst in the Investment Banking group at Donaldson, Lufkin & Jenrette.  

    Joy holds a B.A. from the University of California, Los Angeles and an MBA in Entrepreneurial Management from the Wharton School of Business at the University of Pennsylvania.

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    Koralia Kubowicz  Image

    Koralia Kubowicz

    Investor Relations Officer

    Koralia joined RCM (Europe) in 2006 and is responsible for Investor Relations.  She previously provided support to one of the Co-Heads of RCM and the Portfolio Management team.  Prior to joining Rothschild & Co, Koralia was an Office Manager for Search Partners Ltd.

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    Michael Clancy Image

    Michael Clancy

    Co-Head of RCM

    Michael is the Co-Head of RCM and a member of the RCM Investment Committee and the Merchant Banking Management Committee.

    Prior to joining RCM in 2011, Michael was the co-founder and Managing Partner of Elgin Capital since 2002.

    Before establishing Elgin Capital, he was Global Co-head of Credit Trading at Merrill Lynch responsible for debt syndicate, corporate bonds, credit derivatives, high yield, distressed debt, and leveraged loans.

    Michael has a Master of Science from Carnegie-Mellon University and Bachelor of Science from University of Maine.

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    Michael Hatley Image

    Michael Hatley

    Managing Director

    Prior to joining RCM (North America) in 2015, Michael was Head of WestGate since 2005.

    Prior to that Michael worked at ING Capital Advisors where he served in various credit capacities before becoming President in 2001.

    Prior to this, he served as an assistant portfolio manager at Pilgrim Prime Rate Trust.

    He was also a Vice President at First Interstate Bank in Los Angeles for approximately 9 years and a board member of the Loan Syndications and Trading Association (LSTA).

    Michael holds a BS in Business Administration from the University of Missouri and an MBA in Finance from Indiana University.

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    Paul Tapper Image

    Paul Tapper

    Director

    Prior to joining RCM (Europe) in 2015 Paul worked at Aethel Partners and previously he was Portfolio Manager at  Lyxor Asset Management.

    Paul has extensive lending experience including a track record in leverage finance, emerging markets and infrastructure.

    He has an BSc Degree in Economics from University of Salford and is also a Chartered Accountant.

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    Phil Yeates Image

    Phil Yeates

    Co-Head of RCM

    Phil is the Co-Head of RCM and a member of the RCM Investment Committee and of the Merchant Banking Management Committee.

    Prior to joining Rothschild & Co in 1994 Phil worked within the European Leverage Finance business of both Hill Samuel Merchant Bank Ltd and County NatWest Ltd.

    Whilst at Rothschild Phil has held a number of senior positions including Co-Head of Banking and Head of Rothschild's LBO debt business.

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    Pramal Patel Image

    Pramal Patel

    Chief Operating Officer

    Prior to joining RCM (Europe) in 2015, Pramal was a Partner and COO of New Amsterdam Capital, which he joined in 2004. He was responsible for setting up and managing the operational and systems infrastructure of the Firm which managed European credit funds and CLOs.  Pramal has over 18 years of experience in the asset management industry. Mr Patel started his career in 1996 at RSM Robson Rhodes where he qualified as a Chartered Accountant in 1999. Pramal holds a first class degree in Accounting and Finance.

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    Tim Ayles Image

    Tim Ayles

    Director

    Tim joined Rothschild and the RCM (Europe) team in 2005. He is a Director within the Credit team and has a wide range of experience in recommending new investments and monitoring the existing portfolio, including senior secured leveraged loans, high yield bonds, subordinated debt and commercial property loans.

    Tim has an MA (Oxon) in Theology from the University of Oxford.

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    Todd Solomon Image

    Todd Solomon

    Vice President

    Prior to joining RCM (North America) in 2015, Todd was a Credit Research Analyst at Bradford & Marzec.  Prior to that, he worked as a Credit Research analyst at Pacific Life.  Todd received an MBA in Finance from the University of Southern California and a BSBA in Finance from The University of Arizona.  He is a CFA Charterholder and a member of the CFA Society of Los Angeles.

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    Victoria Williams Image

    Victoria Williams

    Investment Analyst - Operations

    Victoria joined RCM (Europe) in 2011 as a team assistant. Victoria performs a variety of support roles in the team, including the monitoring of ratings and track record data. She holds a Bachelor of Science degree from Queen Mary University of London and a Bachelor of Arts and Science from London South Bank University. 

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  • Our porfolio