Marathon Boosts Distressed Mortgages Focus
As distressed mortgages head towards the industry's center stage, Marathon Asset Management, LLC, said last week that it had hired Rudy Orman as vice president of business development for the Marathon Distressed Subprime Fund and as vice president of marketing for Marix Servicing, LLC. The fund and the servicing shop are inter-related, as the fund's assets are serviced by Marix; the Phoenix-based servicer is a captive shop owned by Marathon and designed to provide more aggressive work-outs for troubled borrowers than traditional servicing outfits. Rudy will focus on purchasing distressed assets for the fund, according to a press statement, along with developing default servicing solutions with asset owners through Marix Servicing. He will report to Sadie Gurley, managing director and senior portfolio manager. Orman was previously employed by Goldman Sachs as vice president in business development for the GSAMP mortgage conduit. Located in New York and founded in 1998, Marathon Asset Management is a global investment manager with $10.6 billion under management and over $20 billion in assets. The company has been moving strongly into distressed mortgage assets as the industry crisis has rolled onward. For more information, visit http://www.marathonfund.com.