04/07/2010

Ex-BofA Executive Set to Pitch Debt Vehicle

Thomas White, former head of global markets at Bank of America, is preparing to launch a hedge fund that would take a multi-strategy approach to the credit sector.

White formed City on a Hill Advisors of New York about eight months after retiring from BofA in September 2008. He has hired several analysts in recent months and plans to begin marketing the fund within weeks, according to a person familiar with his plans.

White oversaw a pair of distressed-credit funds for BofA that generated average annual returns approaching 20% over five years. The funds managed the bank's own capital and never opened to outside investors. BofA shuttered both vehicles after White left.

White's partners at City on a Hill are Michael Lilley, Ray Cubero and Alison Inafuku Edge. Lilley previously worked with White at both BofA and Morgan Stanley. Cubero, who is head of research, formerly was a managing director at BofA. Edge, an attorney who is filling the dual roles of chief operating officer and marketing chief, has worked at a number of hedge funds. Her longest stint was as director of client relations at Archeus Capital, a once-$3 billion firm that shut down in 2006.

Joining City on a Hill as head of trading is Leon Bourn, who was White's long-time deputy at BofA. The firm also has hired four analysts - S. Owais Ahmad, Prakash Gopinath, Eren Pamir and Ray Lenihan - all with experience at buy-side shops.

White joined BofA predecessor NationsBank in 1994 from Morgan Stanley. Over the years at BofA, he worked in sales, trading, research and capital markets across a range of debt products, including investment-grade and high-yield bonds, distressed debt and syndicated lending.

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