Seneca Capital Management changed its name to SCM Advisors, said Albert Gutierrez, CIO. The firm has been expanding beyond its traditional core fixed-income strategies to add alternative fixed-income and equity offerings, including collateralized debt and loan obligations. It recently introduced a full discretion fund, a multisector bond strategy. The strategy seeks to outperform the Lehman Aggregate index by 300 basis points over a market cycle by investing uncorrelated subasset classes within the fixed-income market.
In 2006, SCM added $2.5 billion in assets under management, mostly in structured products. Company officials expect to match that growth in 2007 with the full discretion fund and other structured finance vehicles, Mr. Gutierrez said. He declined to provide specifics. SCM officials also expect to add staff during 2007 in areas such as portfolio management, systems and analytics, Mr. Gutierrez said.