Richard Cordsen was named executive vice president of business development and investment advisory at Permal Group, confirmed spokesman Alastair Crabbe.
The position is new. Mr. Cordsen started Monday and will be based in New York.
Mr. Cordsen's role includes developing and identifying product opportunities globally, supervising marketing efforts and working closely with Isaac Souede, Permal chairman and CEO, in developing its presence in Asia, particularly China. Mr. Cordsen will report to Omar Kodmani, president of Permal Group.
Permal Group has about $20 billion in assets under management. Asia is “an area that interests us with the idea of emerging markets becoming growth markets,” Mr. Crabbe said.
Mr. Cordsen was a founder and director of investor relations at Woodbine Capital Advisors. His responsibilities were taken over by Ethan Leidinger, director of investor relations and business development, said Scott Kislin, general counsel at Woodbine.
Before Woodbine, Mr. Cordsen worked at Permal for nine years, most recently as regional director, Americas, with a responsibility for product development.