John Hwang

Portfolio Manager

Western Asset Management

Pasadena, CA

07.2004 - Current

Lead PM for over $7 billion in structured credit investments focused on CLOs and spanning across CDOs, CBOs, CFOs, TRUPS, EETCs, intellectual property (IP), infrastructure, as well as various ABS private securities.
Co-lead for the CLO Origination program (Crown City CLO). Oversee the structuring, pricing, and execution of new CLO transactions. Responsible for marketing and day-to-day portfolio management, generating trade ideas, and portfolio optimizations.
6 CLOs or $2.3bb AUM raised since 2020. Top quartile Equity returns and Collateral Quality metrics per various street research desks.
Extensive experience investing across the entire structured credit capital structure, from AAA to Equity. Investing for multiple strategies, including dedicated separate account mandates, Insurance, Core/Core Plus, Absolute Return, ETF, Limited Duration, Multi-Asset, High Yield, Bank Loan, and Closed-End Funds.
Responsible for internal and client presentations to review performance, strategy, and adherence to investment guidelines and objectives. Led surveillance reviews of holdings with analysts and traders to manage credit, liquidity and operational budgets for structured credit investments.
Led efforts to educate and pitch, both internally and externally, thereby driving the integration of CLO tranche investments into every eligible strategy within the firm, which resulted in CLO and Structured Credit AUM growing from under $500mm to over $7bb.
Secured a significant CLO tranche investment mandate from a major Japanese client, growing the mandate from $100mm to $1.3bb.
Extensive experience as head of bank loan trading, with a deep understanding of the bank loan market, credit dynamics, and integration of bank loans into CLO structures.
Leverage unique expertise across both structured credit and bank loan products, maintaining long-term, deep relationships with key players on the street, including trading desks, capital markets, and senior leadership.
Drive strategic initiatives to utilize investment relationships when originating new CLO deals, ensuring expanded liquidity of the Crown City shelf, and fostering relationships with investors.
Expert in all aspects of the CLO business, including portfolio management, investing, structuring, negotiations, as well as operations, finance, and accounting processes specific to CLOs.

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