BOSTON, July 25 (Reuters) - Investment firm Angelo, Gordon has hired two credit specialists from hedge fund Millennium Management to manage a new strategy, according to a memo sent to employees on Tuesday.
John Rudic and Michael Liebman will be joining the New York-based firm in the next few months and will manage a liquid credit strategy as part of the $28 billion firm's multi-strategy investment platform, according to the memo seen by Reuters. They will join as managing directors.
"We are very excited to be bringing on two new Managing Directors in the multi-strategy space and adding a new long/short strategy to the platform called Liquid Credit," the memo said." A spokesman for Angelo, Gordon declined to comment.
At the same time Gavin Baiera, a managing director who has been with the firm for nine years, is leaving.
While the company underscored its commitment to distressed investing it also said that it needed to broaden its expertise. "We have been deliberately building the breadth of our credit platform and the depth of our investment talent to capitalize on opportunities that will capture the returns our clients seek," the memo said.
The firm now employs more than 100 professionals across multi-strategy credit, corporate credit, direct lending and structured credit after having hired 43 people over the last two years.
A year ago Michael Gordon, who founded the firm with John Angelo 29 years ago, laid the groundwork for an eventual succession, by creating a management committee to run the business and letting senior employee partners buy out the founders' controlling interests over the next five years. John Angelo died of cancer in early 2016. (Reporting by Svea Herbst-Bayliss; Editing by Tom Brown)