NEW YORK, Dec. 10, 2012 /PRNewswire/ -- Phoenix Investment Adviser, a private investment firm that specializes in high-yield corporate debt, today announced it has increased its assets under management by almost 40% year-over-year, managing over $530 million as of December 1, 2012.
This robust growth, coupled with ongoing interest from a global range of institutional allocators, has prompted the firm to continue expanding its investment team. Alex Duncan, the most recent of several senior hires, has been appointed as a senior research analyst. He will be covering the healthcare, chemicals, power, and shipping sectors. Mr. Duncan will report to Phoenix's founder and CIO, Jeffrey Peskind.
"We've grown significantly in assets over the past year as investors have become more comfortable with our ability to generate alpha in some inefficient areas of the US credit markets. It's an exciting time to be a value-based credit picker in the U.S. corporate high-yield market," said Mr. Peskind. "Today we are aggressively capitalizing on investment opportunities across all sectors, and talented professionals like Alex will continue to strengthen our team."
In addition to ongoing inflows into the firm's flagship JLP Credit Opportunity Fund, this past summer the firm's newer fund, the JLP Institutional Credit Fund, received a $40 million seed investment from a large European financial institution. The fund, designed to limit downside and volatility while generating high-yield corporate credit returns, currently has approximately $65 million in assets.
Prior to joining Phoenix, Mr. Duncan was a managing director at Par-Four Investment Management, where he focused on long and short principal investments across the high yield, leveraged loan and distressed markets. His responsibilities included representation on bankruptcy court creditor committees and the negotiation of workouts and restructurings. He previously served as a research analyst at Citigroup Alternative Investments. Before Citigroup, he was an analyst at Metropolitan Life Insurance Company's leveraged finance unit. Mr. Duncan is a CFA Charterholder and a member of the New York Society of Security Analysts' Alternative Investments Committee. Mr. Duncan holds a Bachelor's degree in economics from Drew University, where he graduated with honors.
About Phoenix Investment Adviser
Phoenix Investment Adviser, LLC is an SEC-registered investment advisor 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 over $500 million in assets under management.
SOURCE Phoenix Investment Adviser