Waterfall Asset Management is an SEC-registered specialist credit advisor focused on High Yield Asset Backed Security (ABS) and loan investments. Waterfall was founded in 2005 by Tom Capasse and Jack Ross, two individuals who were early leaders of the ABS industry, and who have 50+ combined years of proven ABS/Loan trading, banking and servicing experience. Capasse and Ross started the ABS Group at Merrill Lynch in the 1980s and conducted the first ABS issuances for many of the more than 40+ ABS sectors in which Waterfall invests. Waterfall has approximately $4 billion* in assets under management.
Waterfall utilizes a relative value approach to investing in structured credit and loan products. Leveraging the extensive experience of its founding partners and talented portfolio managers, the firm sources, analyzes, and purchases ABS and loan investments across multiple sectors globally in an effort to seek an attractive risk/return profile. This multi-sector specialization in both ABS and loans enables Waterfall to seek to provide its clients with attractive, competitive returns that are generally uncorrelated to most traditional investment sectors.
Waterfall Asset Management’s headquarter offices are located in New York City.
*As of October 31, 2014
1980′sTom Capasse and Jack Ross are early leaders of the ABS market, establishing the ABS desk at Merrill Lynch.
Capasse and Ross lead the first deals in many of the 40+ sectors being securitized today.
Advise on and purchase non-performing loan assets from Resolution Trust Corporation.
2005Capasse and Ross found Waterfall and introduce the Firm’s High Yield ABS Strategy.
2007Waterfall launches its Loan Opportunity Strategy with an initial focus on residential Non-Performing Loans (NPL) and Small Balance Commercial Mortgage Loans. The firm’s assets under management increase to $1 billion AA-rated non-recourse senior noted issued.
2009Waterfall introduces separately managed ABS accounts.
2010Through its NPL strategy, Waterfall issues non-recourse senior notes secured by NPLs.
2014Waterfall’s assets under management reach $3.7 billion* and the firm grows to 55 employees. Approximately 80% of the current client/investor base is pension fund related. Waterfall currently manages approximately $1.8 billion* in 15 separate ABS accounts.
*As of July 31, 2014