Steven Paget was named a managing director and portfolio manager for European performing credit at Angelo, Gordon & Co., a spokeswoman said.
The position is new, and Mr. Paget will start in August.
The alternative investment firm, which focuses on real estate and credit investing, said in a news release that Mr. Paget will lead the buildout of its European performing credit business. He will focus on developing the firm's European collateralized loan obligation platform, and on investing in the debt and equity tranches of third-party CLO managers.
Based in London, he will report to Dan Pound, head of Europe, and Maureen D'Alleva, head of non-investment-grade corporate credit.
Mr. Paget "is a seasoned structured credit executive, whose deep understanding of the high-yield bond and leveraged-loan markets, and significant experience structuring, managing and executing European CLO transactions, will add tremendous value to Angelo Gordon as we seek to scale and strengthen our European performing credit business for our global clientele," Mr. Pound said in the news release.
Mr. Paget is vice president and portfolio manager on PGIM Fixed Income's European leveraged finance team; he will leave in August, said a statement from the firm that was provided by a spokesman. His portfolio management responsibilities will be taken on by members of the team. "In addition, PGIM Fixed Income will begin a search to replace Mr. Paget and will be considering both internal and external candidates in that process," the statement said.
Angelo, Gordon & Co. has $28 billion in assets under management.