Ray Dalio of Bridgewater
Eoin Noonan/Web Summit/Getty ImagesHere's a rundown of news on hires, exits, and promotions from the past week. Are we missing anyone? Let us know.
Shawn Joshi, the head of index credit trading at Morgan Stanley, is leaving the firm, sources told Insider. Joshi is headed to the $1.9 billion credit-focused hedge fund Compass Rose Asset Management. Prior to joining Morgan Stanley in 2018, Joshi was a managing director at Goldman Sachs in derivatives trading.
Goldman Sachs markets division chairman Michael Daffey is retiring from the firm in March, according to an internal memo seen by Insider. Daffey, who's been at Goldman since 1994, was promoted to a variety of leadership roles across trading divisions and managed some of the bank's largest hedge fund clients.
Bridgewater Associates is reshuffling top leadership, as first reported in the Wall Street Journal. COO Brian Kreiter is leaving the firm to start his own company, while Nir Bar Dea has been promoted to deputy CEO reporting to Bridgewater chief executive David McCormick. The fund is also "expanding and formalizing" its investment committee to draw on "a deep bench of investment leaders," according to a memo posted on LinkedIn by McCormick Friday, while Bridgewater founder Ray Dalio "will continue to serve as a mentor across functions and remains Co-CIO and Co-Chairman."
JPMorgan announced several top leadership promotions in its investment banking division, according to a series of memos viewed by Insider. Peter Engel (who led investment banking for the western US) and Erik Oken (who was the global head of consumer retail investment banking) are joining the executive committee of global chairs of investment banking, a leadership team created at the bank last year. Succeeding Oken is Dana Weinstein, who's heading up a new North America consumer, retail, and business services investment banking group.
Meanwhile, two other investment banking executives at JPMorgan, Charlie Bouckaert and Mark Marengo, are now the co-heads of North America diversified industries investment banking at JPMorgan.
JPMorgan also has its eyes sight on overseas SPACs. The bank is creating a new team of senior dealmakers to oversee SPAC activity in Europe, the Middle East, and Africa, according to Financial News. Guillermo Baygual, currently the co-head of JPMorgan's EMEA M&A business, and Lukasz Dziarnowski, an executive director and M&A banker based in London, will be joining the team.
Grayscale Investments is staffing up its C-suite. The digital asset manager that plans on doubling its headcount this year has brought on Hugh Ross as its COO, Benjamin Melnicki as its chief compliance officer, and Angela Romano Kuo as its chief people officer. Rosswas previously at the fund Horizon Kinetics, where he oversaw the crypto portfolio. Melnicki is the former head of Americas regulatory affairs at Ripple. Romano Kuo joins Grayscale after leading people and talent strategy at firms like FanDuel.
Venture capital fund NYCA has made two promotions to its leadership team, according to a blog posted by the company. Jerry Solomon, who joined NYCA a year ago after serving in executive positions at Lending Club, Affirm, and Aven (three NYCA portfolio companies), is now a partner. Sol Lee, meanwhile, has been promoted to principal. She worked at Mastercard and in Uber's payments division before joining NYCA and has worked on the firm's investments in Smartrr, Savi, FinLync, and Ethic in addition to overseeing NYCA's impact investing.
Trading Technologies, a futures trading system and software company, announced a shakeup in its leadership team as it promotes a slate of internal executives with the departure of Michael Kraines, president and CFO. Farley Owens has been promoted to president, Roger Mills will serve as CFO, Guy Scott is now an executive vice president in charge of global sales, and Bharat Mittal has been promoted to CTO.
Healthcare investment bank SVB Leerink has a new global co-head of investment banking. Barry Blake, who will be based in New York and was previously a senior managing director at Guggenheim Securities in charge of healthcare services advisory, joins the firm after a career in healthcare M&A at Citigroup, JPMorgan, and Lehman Brothers.
Fixed-income trading and research at Bank of America has some new leadership. Michael Maras has been promoted to head the bank's global fixed-income, currencies and commodities research after David Woo's departure from Bank of America, as reported in Bloomberg. Maras joined Merrill Lynch in 1996 and will be based in London. Within foreign exchange, the bank has also promoted Flavio Corsini to head Brazil's local currency trading operations.
A top KKR executive in Asia is leaving the firm, according to Bloomberg. Singapore-based Terence Lee, a managing director at the investment firm in charge of Asia Pacific, has resigned. Lee headed KKR's technology, media, and telecoms investments in the region.
Reed Alexander, Shannen Balogh, Dakin Campbell, Dan DeFrancesco, Meredith Mazzilli, Alex Morell, and Bradley Saacks contributed reporting.
Portman Ridge Finance Corporation (Nasdaq: PTMN) (the "Company”), a business development company, today announced that it has entered into a Rule 10b5-1 stock trading plan to facilitate the repurchase of shares of its common stock in accordance with its $10 million share repurchase program previously announced on March 9, 2020. An independent U.S. broker-dealer is acting as the Company’s agent to purchase its shares on pre-arranged terms pursuant to the Rule 10b5-1 plan during a period beginning on August 31, 2020 and ending on March 5, 2020.
Repurchases may be made in the open market at prevailing market prices from time to time as market conditions warrant. All repurchases will be implemented in accordance with the applicable requirements of Rules 10b5-1 and 10b-18 under the U.S. Securities Exchange Act of 1934.
About Portman Ridge Finance Corporation
Portman Ridge Finance Corporation (NASDAQ: PTMN) is a publicly traded, externally managed investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Portman Ridge Finance Corporation’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors, LP.
Portman Ridge Finance Corporation's filings with the Securities and Exchange Commission (the "SEC”), earnings releases, press releases and other financial, operational and governance information are available on the Company's website at www.portmanridge.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding repurchases of shares of the Company’s common stock. There is no assurance that repurchases will be made in any specific amounts or that the market price of the Company’s shares, either absolutely or relative to net asset value, will increase as a result of any share repurchases, or that any repurchases will enhance stockholder value over the long term. The forward-looking statements should be read in conjunction with the risks and uncertainties discussed in the Company’s filings with the SEC, including the Company’s most recent Form 10-K and other SEC filings.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200831005387/en/
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