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1、/6TalkingBusinessRésumé1984-1987LondonSchoolofEconomicsBSceconomics1988-2004JPMorgan,credittrading2004-presentCairnCapital,directorFrostisalsoagovernoroftheLSE.themarkitmagazine–Autumn2009TalkingBusiness/7TimFrost,director,atCairnCapital,talksabouttheimpactofthefinancialcrisisonhiscompanyandthecr
2、editmarketsandhowheexpectsthemtoevolveinthefutureThewayaheadQ:HowdidtheideaofCairnCapitalcomeabout?theyhavedealtwithaproblem,youhaveachoice:youcanmakeanotetocallthembackandwishthemluck;oryouA:Cairnwasestablishedin2004,asanindependentassetcanaskthemwhattheirproblemisandoffertohelp.Wemanager.Wereco
3、gnisedthattherapidchangesintheofferedtohelp,andafterawhilewordspreadandthecallscreditmarketspresentedmanychallengesandoppor-startedtocomein.tunitiesforparticipants,manyofwhomwantedaninde-Werespondedtoourcustomers’needs.Throughpendent,expertpartnertohelpthemrealiseopportunitieslastyeartheydidn’twa
4、ntnewcreditfunds,theywantedandnavigatepitfalls.WesetupCairntodojustthat.Whilerestructuringadvicesothatiswhatwetriedtoprovide.Ourmanythings,includingtheneedsofourcustomers,havecustomersholdallsortsofcreditproductswithdifferentchangedovertheyears,therationaleforsettinguptheflavoursthathaveneededrem
5、edialattention–whetherbusinessremainsunchanged.it’srestructuringafund,liquidatingaportfolio,workingoutsomedifficultsituationsorsimplyvaluingaportfolio.We’veQ:WhathasenabledCairntocontinuetothriveinthehadnohesitationinrespondingtoourcustomers’needsinrecentdifficultmarketconditions?thesesituations.
6、WecouldhavecontinueddowntheroadofraisingA:Everyonehaslearnedlessonsoverthelasttwoyearsandmoneyfornewfundsandwediddosomeofthat.DuringCairnisnodifferent.Wehadtorestructuresomeofourthecrisis,weraisedmoneyforourshortfundandourinvestmentvehicles,butwemaintainedopencommunica-structuredcreditfunds,botho
7、fwhichdeliveredexcellenttionswithourinvestorsthroughdifficultmarketconditions.returns,butitwascleartousthatourcustomers’primaryTheydidn’tlikesomeofthemessageswehadtodeliver,needwasforhelpwithlegacyissues–andthat’swhatb
