Phoenix Surpasses $1B AUM, Makes Senior Hires

Apr 10 2014 | 11:01am ET

Phoenix Investment Adviser, manager of the JLP Funds, has surpassed $1 billion in assets under management and made a pair of senior hires.

The firm has tapped Mike Beck as senior research analyst and John Mills as senior vice president of business development & investor relations.

Beck joins Phoenix from GoldenTree Asset Management, where he was a research analyst for the past seven years, focusing on identifying long and short investment opportunities in leveraged loans, high yield and equity across a variety of sectors. From 2004 to 2007, Beck was an assistant vice president at GE Capital in the global media & communications group. Prior to GE, he was at Fortis Capital where he invested in loans, mezzanine and sale-lease backs across the media & telecom, shipping, and offshore industries.

Mills comes to Phoenix from Broadfin Capital where he was director of marketing and investor relations. Before Broadfin, Mills was the founding member of the marketing team at GSC Group, a $25 billion credit manager, in addition to other senior roles in the alternative investment management industry. Mills was previously a Partner at Sanford C. Bernstein & Co., responsible for the firm’s underwriting business; executive vice president of Nesbitt Burns, responsible for institutional equity research sales and trading in the U.S.; and director of equity research at Bankers Trust, all after eleven years in institutional equity sales at PaineWebber.

“Mike and John both offer a wealth of experience that will be of significant value to the investment and client relation sides of our business,” said Jeff Peskind, CIO of Phoenix Investment Adviser, in a statement. “As our firm continues to identify strategic investment opportunities in the high yield corporate debt space, we must meet this demand by providing our investors with best-in-class talent.”

Phoenix officially reached the $1 billion AUM milestone shortly after marking the firm’s 10-year anniversary, which it celebrated in September 2013. At that time, Phoenix managed slightly over $800 million in assets and, as of April, 1st of this year, manages approximately $1.2 billion in AUM.

The firm’s newer strategy, a long/short credit fund, surpassed a 3-year track record in 2014, and assets for the fund have been increasing substantially over the past six months. The strategy AUM is over $480 million, up from $130 million in September 2013. This fund is designed to reduce market beta and volatility while seeking to generate alpha through credit selection and more active trading.

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