NEW YORK, Sept. 9, 2013 /PRNewswire/ -- Phoenix Investment Adviser, manager of the JLP Funds, is pleased to announce it recently celebrated its 10th year in business. The firm, a private institutional investment manager that specializes in high-yield corporate debt, has grown from an emerging manager founded by CIO Jeff Peskind in 2003 to a fully institutionalized asset manager with nearly $800 million in assets. Over the past ten years, Phoenix has successfully navigated the credit markets, creating significant value for its investor base of institutions and family offices, while prudently managing risk. In the last 12 months, the firm has increased its assets under management by over 30%.
"We are extremely gratified to have crossed this important milestone in our firm's growth," said Mr. Peskind. "Phoenix's excellent overall performance combined with its experienced, stable team is truly a reason to celebrate ten years of investment success. Looking back over the unprecedented market activity, including the financial crisis, we are proud of our track record, our expansion and our long-term client relationships."
Phoenix's first strategy, which was launched in 2003, soft closed to outside investors in July of this year. The firm's newer strategy, a long/short credit product, which now has almost a 3-year track record, is designed to reduce market beta and volatility and while seeking to generate alpha through credit selection and more active trading. This strategy, which now has over $130 million in assets, received a $40 million seed investment from a large European financial institution last year.
"We are seeing strong interest from investors who are looking for an alternative to traditional, long only high yield and who are seeking access to strong absolute returns without the volatility often associated with the asset class," said Mike Donoghue, Phoenix's firm president.
Phoenix has had almost no turnover in its 10-year history and has recently expanded the 18-person firm by adding to its senior research team as well as by appointing Jeff Schultz as its Director of Legal and Compliance and Chief Compliance Officer. Prior to joining Phoenix, Mr. Schultz was Legal Counsel for BNP Paribas Investment Partners, the asset management arm of the BNP Paribas Group, where he focused on U.S. and cross-border legal, compliance and regulatory issues. Before BNP, Mr. Schultz was in private practice as an Associate at Bingham McCutchen LLP and Katten Muchin Rosenman LLP representing hedge fund managers on legal and compliance matters. Mr. Schultz holds a J.D. from the Benjamin N. Cardozo School of Law and a B.A. in English Language and Literature from the University of Michigan.
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 nearly $800 million in assets under management.
SOURCE Phoenix Investment Adviser