Orrick has recruited an eight-partner finance team from Cadwalader Wickersham & Taft across the UK and US, in a move that will enable the firm to capitalise on the increasing convergence between collateralised loan obligations (CLOs) and private credit.
The multi-generational team is led in London by David Quirolo and includes Claire Puddicombe, Daniel Tobias and Alexander Collins, who are part of Cadwalader’s Band 1-ranked UK CLO team.
A source familiar with the team’s hire pointed to Quirolo’s reputation for innovation in the CLO market, as CLOs become an increasingly important financing tool for private credit – private credit CLOs accounted for nearly 12% of the CLO market and 18% of CLO issuance in 2024, according to JPMorgan data.
Quirolo, who has been a partner at Cadwalader since 2014, also represents the Loan Market Association in relation to regulations affecting the CLO market and regularly meets with regulators and policymakers. His recent work includes representing Credit Suisse on the first CRE CLO in Europe since the credit crisis and representing CLO managers on compliance with EU risk retention.
Meanwhile, the US partner hires include Gregg Jubin, managing partner of Cadwalader’s Washington DC office, and Charlotte-based trio Joe Beach, Nate Spanheimer and Skyler Walker. For his part, Jubin co-led the Cadwalader team that advised Morgan Stanley in a BlackRock Trust transaction in 2022 that involved a $220m CLO.
GLP understands that a number of associates are set to join the partners for the move, with the team expected to join forces with the rest of Orrick’s leading structured finance team.
A Cadwalader spokesperson commented: “We wish our departing colleagues well. Cadwalader remains on track to have one of its best years in the firm’s history and we continue to be bullish on our growth strategy.”
The group’s hire follows a four-lawyer finance group, including partners Sushila Nayak and James Jirtle, leaving Orrick’s London office in June to join Dechert, as the latter moves to become a market leader in asset-backed securities.
Cadwalader also boosted its finance partner ranks in London in June with the hire of leveraged finance specialist Edward Holmes from Paul Hastings.
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