Octavian adds to distressed debt team

New York asset manager Octavian Advisors has hired distressed debt specialists Arif Gangat and Oscar Mockridge as it expands its practice to take advantage of debt market turmoil.

Asset manager Octavian Advisors has added two to its distressed debt team in response to current market conditions.

Arif Gangat has joined the firm from Southpaw Asset Management, and Oscar Mockridge from Sailfish Capital Partners. Gangat and Mockridge will be managing directors specialising in distressed debt investments outside of the US.

The new hires are part of Octavian’s larger to plan to expand its distressed investment business worldwide in order to take advantage of current market conditions, the firm said.

“The turmoil in worldwide markets provides a perfect backdrop for Octavian’s unique style of investing,” chief executive Richard Hurowitz said in a statement.

Gangat and Mockridge have worked with Octavian for the past six years on transactions such as the debt restructuring of Mexican transportation company Grupo TMM, and several European distressed transactions.

At Southpaw, Gangat oversaw distressed debt and special situation equity investments. Before, he was a managing director at Sandell Asset Management.

Mockridge worked on leveraged finance research and activist investing at Sailfish, which is rumoured to be in the process of liquidating after losing around half its assets in the past six months. Before, Mockridge was a senior vice president on Halcyon Asset Management’s distressed debt and special situations team, and a senior vice president in Houlihan Lokey Howard & Zukin’s financial restructuring group.

Octavian is headquartered in New York, and currently manages $1.1 billion (€751 million) in assets. The firm specialises in international investments, and invests in non-traditional assets and private transactions in addition to distressed debt and special situations opportunities. The firm has operations in Dallas and an affiliate office in New Zealand.