NEW YORK, April 10, 2014 /PRNewswire/ -- Phoenix Investment Adviser, manager of the JLP Funds, is pleased to announce two new hires this month: Mike Beck as Senior Research Analyst and John Mills as Senior Vice President of Business Development & Investor Relations. These personnel additions come as the firm surpasses the $1 billion threshold in assets under management.
Mr. Beck joins Phoenix from GoldenTree Asset Management, LP where he was a Research Analyst for the past seven years, focusing on identifying long and short investment opportunities in leveraged loans, high yield, and equity across a variety of sectors, including Retail, Consumer, Food, Grocery, and Entertainment. From 2004 to 2007, Mr. Beck was an Assistant Vice President at GE Capital in the Global Media & Communications group, where he structured and executed over $1 billion in debt and equity investments. Prior to GE, he was at Fortis Capital where he invested in loans, mezzanine and sale-lease backs across the Media & Telecom, Shipping, and Offshore industries. Mr. Beck received a B.S. in Finance, cum laude, from Miami University (OH) and holds the CFA designation.
Prior to Phoenix, Mr. Mills was Director of Marketing and Investor Relations for Broadfin Capital, responsible for all aspects of marketing and client relations as the firm grew from $70 million to $1 billion. Before Broadfin, Mr. Mills was the founding member of the marketing team at GSC Group, a $25 billion credit manager, in addition to other senior roles in the alternative investment management industry. Mr. Mills was previously a Partner at Sanford C. Bernstein & Co., responsible for the firm's underwriting business; Executive Vice President of Nesbitt Burns, responsible for institutional equity research sales and trading in the U.S.; and Director of Equity Research at Bankers Trust, all after eleven years in institutional equity sales at PaineWebber.
"Mike and John both offer a wealth of experience that will be of significant value to the investment and client relation sides of our business," said Jeff Peskind, CIO of Phoenix Investment Adviser. "As our firm continues to identify strategic investment opportunities in the high yield corporate debt space, we must meet this demand by providing our investors with best-in-class talent."
Phoenix officially reached the $1 billion AUM milestone shortly after marking the firm's 10-year anniversary, which it celebrated in September 2013. At that time, Phoenix managed slightly over $800 million in assets and, as of April, 1st of this year, manages approximately $1.2 billion in AUM.
The firm's newer strategy, a long/short credit fund, surpassed a 3-year track record in 2014, and assets for the fund have been increasing substantially over the past six months. The strategy AUM is over $480 million, up from $130 million in September 2013. This fund is designed to reduce market beta and volatility while seeking to generate alpha through credit selection and more active trading.
"These milestones mark Phoenix's continued growth as a fully institutionalized asset manager," added Mr. Peskind. "Most importantly, our expansion in both assets and personnel will help us continue to grow our valued long-term client relationships."
About Phoenix Investment Adviser
Phoenix Investment Adviser, LLC is an SEC-registered investment adviser focusing on inefficiencies across the capital structures of highly leveraged US companies. The firm was founded by Jeffrey L. Peskind in May 2003 and launched its first investment program in September 2003. After working for more than 15 years in the high yield and credit markets, Mr. Peskind believed an investment vehicle focused strictly on "stressed" companies offered an excellent risk/reward opportunity. Headquartered in New York, Phoenix has approximately $1.2 billion in assets under management as of April 1, 2014.
SOURCE Phoenix Investment Adviser