The head of CLO management at Canyon Capital Partners has left the asset manager, ending a near two-decade affiliation with the $20 billion-plus firm. Dominique Mielle was a partner and senior portfolio manager at Canyon in Los Angeles and is best known for building the firm’s CLO management business, which was established back in 2004.
Last May, Mielle relocated to Paris and continued to oversee CLO management while handing over some of her hedge fund management responsibilities (she invested across the credit market from bonds and loans to credit default swaps and structured products).
Sources say that following her departure from Canyon this month, Canyon has handed over responsibility for its CLO business to portfolio manager Martin Downen and managing director Erik Miller.
Downen joined Canyon in 2014 from Highland Capital Management, where he was a managing director. Miller on the other hand joined Canyon in 2008. He initially covered global distressed debt and high yield from the firm’s Los Angeles office before serving as head of Canyon’s London office until about a year ago when he returned to the US west coast.
Mielle had been at Canyon since 1998 and is understood to have been the longest serving partner at the firm upon her departure. One of her biggest accomplishments was spearheading the formation of a capitalised manager vehicle – Canyon CLO Advisors – back in 2015. This is believed to be the first CMV in the market and it has been used by Canyon to launch three dual-compliant US CLOs.
Mielle is the second high profile figure to leave Canyon’s CLO team in the last 12 months. In December 2016, Jeff Davis left the firm. He was a managing director in the CLO department.
A spokesperson for Canyon declines to comment.