(Bloomberg) -- Toscafund Asset Management has hired a new head of North America, as the predominantly long-only investor looks to capitalize on an expected rise in equity capital markets activity come September.
Ryan Squillante was most recently with Irving Investors, and previously held positions at Hutchin Hill and Millennium Management, according to a letter from Toscafund to investors seen by Bloomberg News.
The London-based firm also hired two portfolio managers, the letter showed. Sangeeta Gomez joined from Marshall Wace, where her responsibilities included overseeing capital markets and block origination activities in Europe, the Middle East and Africa, according to the letter.
Sean Kim, who will handle Asian activities, has over 20 years of experience, 17 of which are on the buyside, the letter showed. He has extensive experience in the region and is connected to the region’s broker community, particularly in Japan and Korea, according to the letter.
A Toscafund representative declined to comment.
The news comes as fund managers and other investors gauge the activity that remains in the second half of the year. Though IPO volume rebounded in the US and Europe following a pair of lackluster years, Asia’s woes have pulled down the total, with $78 billion raised worldwide, down from $90 billion in the same period in 2023.
In the US, “there is a robust pipeline of both IPOs and secondary offerings, and a strong desire to bring as much to the market as realistic before November elections,” according to Toscafund’s letter. “Anecdotal conversations with underwriters and bankers suggest the healthiest backdrop in several years and an eagerness by sponsors to monetize assets.”
Toscafund, founded in 2000 by Martin Hughes, has about $2.5 billion of assets under management, its website shows. It specializes in UK equities, growth capital for private companies and bespoke private equity deals.
The firm’s Tosca Focus fund posted an 0.8% net return in US dollar terms in July, bringing the year-to-date return to 4.9%, the letter showed. Tosca said it participated in 35 deals, including IPOs from cold storage REIT Lineage Inc., software provider OneStream Inc. and insurance brokerage firm TWFG Inc. The three are still trading above their respective offer prices, with OneStream and TWFG both up more than 40% since their debuts.
©2024 Bloomberg L.P.
