Deerfield Capital Management is a global fixed-income investment adviser that has managed institutional, alternative accounts since 1993. The firm invests in structured products, including CDOs (collateralized debt obligations) and structured loan fund, hedge funds, separate accounts, and real estate investment trust. The CDOs invest primarily in bank loans, asset-backed securities and corporate securities. DCM manages its hedge funds mainly pursuant to the relative value trading of fixed income securities and related instruments. The separate accounts utilize duration management strategies.