CLO manager CIFC drops the Deerfield name

CLO manager CIFC Deerfield has announced that it has changed its name to CIFC. The change follows the merger of privately held CIFC and publicly listed Deerfield in April. The new company is legally the successor to Deerfield and has retained its New York Stock Exchange listing. However, in practice, CIFC has emerged as the dominant partner of the merger, with most of the business now operating from the old CIFC offices in New York.

Deerfield Capital was set up in Chicago in 1993 and was a pioneer of the CDO business. It was also one of the first listed structured credit managers, having backed into a vehicle set up by one-time investor Nelson Peltz. It was forced to downsize during the crisis as its CDOs of ABS ran into trouble, and merged with Columbus Nova in 2010. That merger left Renova as its key investor, and the Russian company is thought to have been the driving force behind its decision to merge with CIFC. Deerfield’s former head Jonathan Trutter remains with the company as vice-chairman, while CIFC’s Peter Gleysteen serves as its chief executive.