Gretchen Lam, portfolio manager, will be promoted to CEO at Octagon Credit Investors on Jan. 1, replacing Andrew Gordon, spokeswoman Katrin Lieberwirth said.
Octagon has $35 billion in assets under management in below-investment-grade corporate credit. Money manager Conning acquired a majority stake in Octagon in 2016. On Jan. 1, Gordon, who co-founded Octagon 29 years ago, will move into the role of executive chair of the board of managers and help support the continued growth of Octagon's businesses.
"Gretchen has been an integral part of Octagon's success during her 20-plus years at the firm. This is a well-earned promotion, and I couldn't be more excited for her," Gordon said in a news release.
As CEO, Lam will oversee Octagon's business strategy and lead the firm in its next phase of growth. The $157 billion Conning Holdings and its affiliates, including Octagon, are being acquired by Generali Investment Holdings from Cathay Life.