GSC Group promotes general counsel(2)

GSC Group has promoted David Goret, its general counsel and chief compliance officer, to senior managing director from managing director.

Goret, 43, joined the firm in 2004 after having served as general counsel for several public and private companies for 16 years, including Icon CMT Corp, which was acquired by Qwest Communications, and Mercator Software, now part of IBM Corporation.

Of Goret’s appointment, Robert Cummings, senior managing director and chairman of the risk and conflicts committee, said in a statement, “He has ensured that GSC’s compliance and control procedures have kept pace with the firm’s significant growth.”

The firm, which was renamed from GSC Partners in October 2006 to reflect its reorganised management and ownership structure, has undergone significant expansion in the past two years.

In 2006, it hired a number of senior level executives, including a senior advisor, an investor relations team and heads of groups. It also made a board appointment.

GSC Group now has $18 billion in assets across three main business sectors: corporate credit, distressed investing and real estate. It closed an €420 million ($543 million) European CDO fund and an €1 billion European mezzanine fund last year.