Calyon restructures CDO subsidiary after it closes fund

Calyon, the French investment bank, has recruited two executives from Aurelius Capital Management of Vienna to restructure its Omicron Investment Management subsidiary. Omicron, which manages collatralised debt obligations, was recently forced to close a €500 million fund that was underperforming. The firms will reduce expenses by sharing back-office operations and will consider further tie-ups, one of the Aurelius executives said.

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