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Technology Silver Lake’s Glenn Hutchins is Avoiding High Yield on Bubble Fears

16:16  14 november  2019
16:16  14 november  2019 Source:   bloomberg.com

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Veteran investor Glenn Hutchins , one of the co-founders of Silver Lake , said he’ s avoiding high yield debt because current pricing and deal terms are Hutchins is also co-founder of North Island, a private equity firm that took a substantial stake in Virtu Financial Inc., a high -frequency market maker.

(Bloomberg) -- Silver Lake ’ s co-founder Glenn Hutchins said he’s avoiding high yield debt because current pricing and deal terms are unattractive. Nov 14 2019, 5:19 PMNov 15 2019, 6:54 AMNovember 14 2019, 5:19 PMNovember 15 2019, 6:54 AM. (Bloomberg) -- Veteran investor Glenn

(Bloomberg) -- Silver Lake’s co-founder Glenn Hutchins said he’s avoiding high yield debt because current pricing and deal terms are unattractive.

Glenn Hutchins wearing a suit and tie: Glenn Hutchins, co-founder of Silver Lake Credit Fund LP, listens during the International Economic Forum Of The Americas (IEFA) in Montreal, Quebec, Canada, on on Monday, June 10, 2019. The conference strives to foster exchanges of information, to promote free discussion on major current economic issues and facilitate meetings between world leaders to encourage international discourse by bringing together Heads of State, the private sector, international organisations and civil society.© Bloomberg Glenn Hutchins, co-founder of Silver Lake Credit Fund LP, listens during the International Economic Forum Of The Americas (IEFA) in Montreal, Quebec, Canada, on on Monday, June 10, 2019. The conference strives to foster exchanges of information, to promote free discussion on major current economic issues and facilitate meetings between world leaders to encourage international discourse by bringing together Heads of State, the private sector, international organisations and civil society.

The investor, who also sits on the board of the Federal Reserve Bank of New York, said he didn’t see systemic risk in the sector, however. Hutchins blamed excess liquidity for “bubble like behavior” in certain markets, that include high-yield debt, index and exchange-traded fund markets as well as late stage venture capital investments such as those in WeWork.

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Veteran investor Glenn Hutchins , one of the co-founders of Silver Lake , said he’ s avoiding high yield debt because current pricing and deal terms are unattractive. The investor, who also sits on the board of the Federal Reserve Bank of New York, said he didn’t see systemic risk in the sector, however.

Glenn Hutchins , co-founder of private-equity firm Silver Lake Management LLC, is giving million to set up a The Hutchins Center on Fiscal and Monetary Policy will focus on the interplay between fiscal and monetary policy and connect researchers with the business community and policy makers

Glenn Hutchins wearing a suit and tie: Glenn Hutchins, co-founder of Silver Lake Credit Fund LP, listens during the International Economic Forum Of The Americas (IEFA) in Montreal, Quebec, Canada, on on Monday, June 10, 2019. The conference strives to foster exchanges of information, to promote free discussion on major current economic issues and facilitate meetings between world leaders to encourage international discourse by bringing together Heads of State, the private sector, international organisations and civil society.© Bloomberg Glenn Hutchins, co-founder of Silver Lake Credit Fund LP, listens during the International Economic Forum Of The Americas (IEFA) in Montreal, Quebec, Canada, on on Monday, June 10, 2019. The conference strives to foster exchanges of information, to promote free discussion on major current economic issues and facilitate meetings between world leaders to encourage international discourse by bringing together Heads of State, the private sector, international organisations and civil society.

“The big question is whether this creates systemic risk or the potential for market adjustment,” Hutchins said in an interview with Bloomberg Television. “A lot of this is at the corporate level and is not provided by deposit-taking institutions so I am not worried about the systemic element of it, but I am not a buyer right now.”

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Glenn Hutchins , co-founder and co-CEO of global tech investor Silver Lake - who has been appointed director of the New York Federal Reserve - discusses the

Glenn Hutchins , chairman of North Island and co-founder of Silver Lake , joins "Squawk Box" to discuss the state of the markets, the U. S . economy and small businesses.

Silver Lake, which was founded in 1999 and has more than $43 billion in combined assets under management, has been involved in some of the biggest technology deals since its inception. The Menlo Park, California-based firm’s leveraged buyouts include Dell Technologies Inc., Skype Technologies SA and Seagate Technology Plc.

He also said he saw elements of the geo-political tensions between the U.S. and China becoming a “quasi-permanent feature” of economic analysis and business planning for the foreseeable future.

Hutchins is also co-founder of North Island, a private equity firm that took a substantial stake in Virtu Financial Inc., a high-frequency market maker. He has been a board member for the New York Fed since 2011.

--With assistance from Tom Keene.

To contact the reporter on this story: Benjamin Robertson in Hong Kong at brobertson29@bloomberg.net

To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, Chris Bourke

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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