Marathon, one of the world's largest distressed-debt shops, has hired a 20-year Wall Street veteran as it readies for an impending recession

Marathon Asset Management, one of the world's largest distressed-debt specialists, has hired Rohit Bansal as a senior credit trader within its distressed-debt group, signaling aggressive positioning ahead of an anticipated U.S. recession. Bansal, a 20-year Wall Street veteran who most recently managed Cantor Fitzgerald's distressed-debt trading operation, joined Marathon in early January 2019 as a managing director. His hiring underscores the firm's conviction that economic conditions are deteriorating and capital deployment opportunities in credit markets are approaching.

Bansal's appointment adds seasoned trading expertise to Marathon's distressed platform at a critical juncture. His career spans senior roles at Goldman Sachs, Citigroup, Jefferies, and Cantor Fitzgerald, providing deep institutional relationships and market acumen across multiple credit cycles. Marathon, founded in 1998 by Bruce Richards and Louis Hanover, currently manages approximately $15 billion in assets across corporate and structured credit, leveraged and private lending, emerging markets, and real estate strategies.

The hiring reflects Marathon's long-stated preparedness for economic deterioration. In October 2017, Richards signaled the firm's intent to launch a new distressed-debt fund to capitalize on the next U.S. recession, which he anticipated could materialize as early as 2019. The firm has already moved capital aggressively, purchasing over $1 billion in par value of residential real estate loans in recent months. Marathon is simultaneously raising approximately $2.5 billion for its second dedicated distressed-credit fund, demonstrating investor appetite for experienced managers positioned to benefit from credit market stress.

Broader market conditions support Marathon's positioning. The leveraged loan market, which extends credit to riskier companies, suffered its most significant monthly loss in December 2018 since August 2011, according to Bloomberg data. Distressed-debt investors across the industry are identifying mounting stress in private credit and volatile equity markets as the most significant buying opportunity in years. This dynamic has prompted leading distressed managers to establish new funds and strengthen internal trading capabilities, positioning capital to move quickly as credit dislocations widen.