Mark Hughes and Kevin Ritter were named as co-heads of emerging markets debt at PPM America, part of a team joining the firm from Western Asset Management.
Hughes and Ritter are also senior managing directors and portfolio managers, according to a news release.
Also joining from WAMCO are Matthew Graves, managing director and portfolio manager/analyst, and Kevin Zhang, vice president and analyst.
Marty Boulanger, managing director and credit analyst at PPM, covering sovereign debt with a focus on emerging markets, will join the four executives.
PPM America’s new emerging markets debt team will report to Ogechi Nwachukwu, deputy CIO, and will primarily be based in Los Angeles.
“We are excited to expand our capabilities in emerging market debt,” Jeff Seaver, head of global distribution, said in the release. “Emerging market debt is a compelling extension of our robust fixed-income capabilities, and we are proud to attract top-tier talent who share our commitment to deliver outstanding results for our clients.”
Parent company Jackson Financial is committed to growing PPM’s investment capabilities and assets under management, the release said.
PPM America runs $77 billion across fixed income, commercial real estate, investment grade private credit, private equity and collateralized loan obligations strategies.
Spokespeople for PPM America could not immediately be reached for comment. Information from Franklin Templeton, which owns WAMCO, was not immediately available.
WAMCO, which has about $330 billion in assets under management, has undergone a number of changes recently following former co-CIO Ken Leech being charged with fraud by the SEC. The Justice Department also charged Leech with securities fraud, investment adviser fraud, commodity trading adviser fraud, commodities fraud, and making false statements.
