Bruce Arella was promoted to COO and managing director of Orion Constellation Partners. He replaces David Duebendorfer, COO and product development manager, who left the firm, said Nicole Biernat, managing director and head of business development. Mr. Arella and Ms. Biernat will work together on product development, with Mr. Arella focusing a bit more on administration and operations, Ms. Biernat said. Mr. Arella was director with a focus on risk management, evaluation and monitoring, as well as on business management. He will remain a member of the investment committee and the risk management committee at the hedge fund-of-funds manager, Ms. Biernat said.
Frederick H. Horton joined private equity firm GSC Partners as a partner and managing director to run its new business, which specializes in structured credit and mortgage-related and asset-backed securities. Edward Steffelin also was named vice president at GSC. Mr. Horton was managing director, assisting with marketing of the collateralized debt obligation business of Trust Co. of the West, and Mr. Steffelin was portfolio manager of the CDO equity funds. Mr. Steffelin was with TCW for only three months and has not been replaced, said Jeffrey Gundlach, president of TCW Asset Management Co., who heads TCW's fixed-income business. Mr. Horton might be replaced or his duties might be assumed by other marketing staff, Mr. Gundlach said. GSC Partners invests in distressed debt, European mezzanine and corporate structure finance.