Tuesday, 27 September 2016
Last updated 19 min ago
Oct 21 2010 | 5:19am ET
Avenue Capital Group has hired a Morgan Stanley executive to run its planned credit fund, the firm’s first listed hedge fund product.
Randy Takian is named as a trustee and CEO of the new Avenue Income Credit Strategies Fund in a preliminary prospectus filed by the New York-based hedge fund with the Securities and Exchange Commission yesterday. He will manage the high-yield-heavy vehicle when it is launched next year, Bloomberg News reports.
The fund will invest at least 80% of its assets in such instruments, including leveraged loans and collateralized debt obligations. In the filing, Avenue wrote that it “believes that the changing investment environments over time offer attractive investment opportunities in the markets for credit obligations.”
Takian was head of retail and intermediary business at Morgan Stanley Investment Management and head of hedge fund and alternative investments products. He also managed several emerging markets funds for the unit.