Richard Cazenove was named partner and senior portfolio manager at Cheyne Capital Management, a spokesman said.
The position is new. Mr. Cazenove works within the strategic value credit business and focuses on distressed debt investing in middle-market businesses with transaction sizes at €10 million ($11.6 million) to €50 million.
"We have been selectively recruiting top-caliber individuals over the past year and are delighted to have (Mr. Cazenove) complete the team. (He is a) highly regarded veteran of the industry with strong credentials in complex credit and special situations investing. With crowded positioning in large-cap situations and unattractive valuations in mainstream subinvestment-grade credit markets, we believe there is currently a specific opportunity in stressed, but performing, midmarket corporate loans for those with sufficient depth of expertise and origination capability in the relevant European markets," Anthony Robertson, chief investment officer of strategic value credit business, said in a news release.
Mr. Cazenove previously worked at BlueBay Asset Management as a portfolio manager across distressed and opportunistic credit strategies. A spokeswoman could not be reached by press time to comment about a replacement.
London-based Cheyne Capital Management has $7 billion in assets under management.