Advent Capital adds managing director to focus on institutional business

Michael Cavanaugh joined Advent Capital Management as a managing director, specializing in institutional business, said Kris Haber, the firm's chief operating officer.

It is a new position. Mr. Cavanaugh will be responsible for helping build the New York firm's institutional business, Mr. Haber said in an interview Wednesday. Mr. Cavanaugh will be based in Boston.

Mr. Cavanaugh was a managing director with Wellesley Investment Advisors, where he was responsible for launching the firm's presence in the institutional market. Officials at Wellesley were not immediately available to provide information on a replacement.

Advent Capital has $9 billion in assets under management in convertible strategies, a hedge fund, closed-end funds, a high-yield strategy and other alternative fixed-income strategies.

Mr. Haber said the firm is also looking in to expand into private credit markets in 2017.