Tudor Investment has hired several former members of Bear Stearns distressed debt group to launch its own “credit-related strategies” unit.
Longtime Bear veterans Gregory Hanley and Alan Mintz will co-direct the initiative, which will initially operate within Tudor’s Greenwich office and receive opening funding commitments directly from its $18 billion (€11.8 billion) platform.
The group could eventually spin-off as an independent advisory business in which Tudor would be a strategic partner, although a statement from Tudor did not specify a date for the spin-out.
Tudor could not be reached for comment.
Hanley, 46, spent roughly 23 years at Bear, joining the now defunct investment bank’s board of directors in 2003. In addition to his responsibilities with the distressed debt team, Hanley was also co-head of Bear’s high yield trading group.
Mintz, 47, began working for Bear in 1997 and helped manage its proprietary investment portfolio in the US and London while also overseeing the firm’s special situations lending business.
Hanley and Mintz will be joined by former Bear distress specialists Mitchell Sussman, Eric Friel and Howard Norowtiz.
The Tudor hirings represent only the latest in a steady stream of prominent professionals to leave the collapsed investment bank and join the teams of alternative asset managers.
Following the completion of JPMorgan Chase’s $2.2 billion acquisition of the investment bank late last month, Bear media and entertainment corporate finance head Lisbeth Barron moved to private equity firm Centerview Partners; former financial restructuring practice director Daniel Celentano joined hedge fund Evercore; and former head of Midwestern investment banking Ken Viellieu left for Moelis and Company.
Bear Stearns Merchant Banking has also announced that it is spinning off to form its own independent private equity firm.
Tudor Investment, founded in 1980 by famed commodities trader Paul Tudor Jones II, manages more than $18 billion in assets in macro trading, emerging markets, fundamental equity investing, venture capital, commodities, event driven strategies and technical trading systems.