Angelo Gordon promotes 2 to co-CIOs

Josh Baumgarten and Adam Schwartz will be joining current CEO and CIO Michael L. Gordon as co-chief investment officers of alternative investment firm Angelo, Gordon & Co., according to a letter by Mr. Gordon obtained by Pensions & Investments.

Messrs. Baumgarten and Schwartz will be retaining their former duties; Mr. Baumgarten had been deputy CIO, a position that will no longer exist. He also leads the firm's $17 billion credit business. Mr. Schwartz heads the firm's $10 billion U.S./Europe real estate business.

"These appointments reflect the substantial contributions Josh and Adam have made to the investment activities and day-to-day management of the firm over the last 18 months, and is a natural progression in their leadership. I will continue to serve as CEO and I have no intention to retire," Mr. Gordon wrote.

Angelo Gordon has $28 billion in assets under management.