Bear's Distressed Debt Team Joins Tudor
June 11, 2008
A team of distressed debt bankers from Bear Stearns is joining hedge fund Tudor Investment Corp. to lead a new investment management business specializing in credit-related strategies, according to the Web site of leveragedfinancenews.com's sister publication Investment Dealers’ Digest.
Gregory Hanley and Alan Mintz, most recently co-heads of Bear's distressed debt group, will helm the unit. Hanley was also co-head of the high-yield trading team at Bear. Three of their Bear colleagues—Eric Friel, Mitchell Sussman and Howard Norowitz—are accompanying them to Tudor.
The hedge fund will eventually spin off the business but remain a strategic partner and provide funding and other means of support. “The dislocation and lack of liquidity in credit-related strategies have created significant investment opportunities,” said Paul Tudor Jones II, the firm’s founder. “Given their deep knowledge, vast experience and exceptional track record in the high yield and distressed credit markets, we are thrilled to be partnering with Greg and Alan as they seek out these opportunities.”
Tudor was founded in 1980 and manages more than $18 billion. “Joining Tudor allows us to seamlessly integrate our experienced investment team, thanks to Tudor's first-class trading, risk management and operational infrastructure,” said Hanley.
Mintz started at Bear in 1997 and managed the bank's proprietary investment portfolio in the U.S. and London as well as the distressed analytical team and the special situations lending business. Hanley began working at Bear in 1985 and joined the board of directors in 2003.
Twinfields Capital Management assisted Tudor and the ex-Bear team with their joint venture.
For more information on related topics, visit the following:
