Fidelity International will enter the private credit market with a team liftout, a spokesman confirmed.
The money manager's new private credit capability will be created with the hire of digital pan-European bank MeDirect Bank's team, led by Michael Curtis. MeDirect is owned by private equity firm AnaCap. The team will join in March.
Mr. Curtis will become head of private credit strategies at Fidelity. Camille McLeod-Salmon was named credit portfolio manager and Cyrille Javaux will become collateralized loan obligation structurer, a news release said. The three staff will also be joined by an operations head and team of six credit analysts.
The private credit team will report to Andrew McCaffery, global CIO.
Further, Fidelity was named subadviser on MeDirect's €400 million ($489 million) CLO fund — Grand Harbour CLO 2019-1. Fidelity will continue to work with MeDirect to explore further strategic opportunities, the release said.
It is hoped that Fidelity's overall alternatives capabilities will be enhanced by the liftout, the spokesman said in an email. The firm offers alternatives through its multiasset and solutions business and also direct access to real estate strategies through its real estate team. It hopes to develop a full range of private credit strategies in the coming months and years, potentially including leveraged loans, securitized credit and private debt strategies such as direct lending, he said.
"I'm pleased to welcome Michael and the team from MeDirect," Mr. McCaffery said in a news release. "We believe their experience combined with Fidelity's existing global research platform will enable us to provide attractive solutions for our clients. The hiring of this team is an important milestone for Fidelity as we look to build out a broader alternatives platform over the next few years."
Fidelity International has $706.3 billion in assets under management.
Mr. Curtis was CIO at MeDirect. Jan Petersen was named head of corporate credit replacing Mr. Curtis, according to a notice on MeDirect's website. Further details were not available.