Steven M. Friedman has joined MacKay Shields as managing director and senior macroeconomist.
In this new position, Mr. Friedman will report to and work closely with Daniel Roberts, executive managing director, head of global fixed income and chief investment officer of MacKay Shields, company spokesman Armel Leslie said in an email.
Mr. Friedman provides the firm's global fixed-income team with insight into global macroeconomic conditions to help shape investment policy and asset allocation for institutional and retail investment strategies, a news release said.
"Steven's macroeconomic framework as well as his many years of professional experience within the financial markets will be a great fit and complement to our existing top down approach," said Mr. Roberts in the release.
Mr. Friedman was a senior economist at BNP Paribas Asset Management. BNP Paribas spokeswoman Lucille Kruz did not respond to a request for information about a replacement.
MacKay Shields managed $116 billion as of March 30 in fixed income, private credit and equity strategies.