A pair of banking veterans will ring in the new year with a new high-yield hedge fund.
K.C. Baer and Christopher Yanney, who have worked together on-and-off for the past 15 years at NationsBank, Bank of America and Citigroup, and who both at one time led U.S. high-yield trading at Barclays, founded CKC Capital in New York. The two hope to raise $250 million for a January launch, Bloomberg News reports.
"It was a good opportunity for us, timing-wise, and something we always wanted to do," Baer told Bloomberg. "We have been through several market cycles together, which we think is a benefit."
The two most recently worked together at Citi, where Yanney was head of high-yield bond and credit-default swap trading, and Baer was a senior trader.
CKC will invest in credit opportunities, with high-yield and distressed debt among its focuses.