Four founding partners of KPS Special Situations Funds, who left the firm in January, formed Monomoy Capital Partners, a private equity firm focused on smaller distressed, underperforming and orphan businesses. Stephen Presser, partner, was a principal and senior member of $600 million KPS Special Situations family of funds; Daniel Collin and Justin Hillenbrand, partners, were associates of the KPS acquisition and restructuring team; and Philip Von Burg, partner, was a KPS managing director. The new firm plans to invest in bankrupt or near-bankrupt businesses with sales of less than $120 million, Mr. Hillenbrand said. At KPS, Jay Bernstein was promoted to senior vice president, said Michael Psaros, a KPS principal. The firm also hired Bruce Curley as a senior vice president and Ilya Koffman as an associate. Mr. Curley was CEO of Curtis Paper Inc., and Mr. Koffman was a consultant with Alvarez & Marsal, a management consulting firm.
Sue Baines was hired by Northern Trust as vice president, business development in the firm's global fund services unit in London, according to Richard Jurek, Northern Trust spokesman. The position is new. Ms. Baines will be responsible for custody, fund administration and investment operations outsourcing business development for asset managers based in the United Kingdom and continental Europe. She was deputy head of origination at Clearstream International, which is seeking her replacement, according to Clearstream spokesman Graham Cope.
Susan A. Douse joined Grail Partners as a partner and the head of the advisory merchant bank's new London office, according to a statement released by Grail. Ms. Douse said in an interview she plans to hire two more executives this year, but that the firm - which also has offices in Boston, London, New York and San Francisco - will remain a small, nimble niche player focused on the investment management industry. Donald H. Putnam, who co-founded Putnam Lovell NBF Securities in 1987, left that company to set up Grail Partners in February. Ms. Douse was global head of product management and consultant relations at Schroders. Schroders spokesman Richard King said Ms. Douse will not be replaced, reflecting a change in the firm's strategy whereby consultant relations will be managed by regional executives.