Stephen Siderow, co-founder and co-president at BlueMountain Capital Management, plans to leave the alternative credit manager at the end of the year, confirmed company spokesman Tom Vogel in an email.
The company does not plan to replace him.
“I am extremely proud of our accomplishments at BlueMountain over the last 16 years,” Mr. Siderow said in the release. “This is the right time for me to consider new opportunities across my business and philanthropic interests.”
The firm is also beginning the process of liquidating its Blue Mountain Credit Alternatives Master Fund, a multistrategy hedge fund with about $2.5 billion in assets under management as of Sept. 30.
BlueMountain announced plans to launch new strategies that are in-step with its focus on collateralized loan obligations and structured finance. These strategies include CLO equity tranches and asset-backed securities focused on private debt investments in specialty finance companies and assets.
These moves come shortly after Assured Guaranty, a financial guaranty insurance company based in Hamilton, Bermuda, announced in August that had agreed to acquire BlueMountain from Affiliated Managers Group for roughly $160 million.
BlueMountain managed $19.3 billion in alternative credit-oriented strategies as of July 1.