A team of Bear Stearns distressed debt traders have joined Tudor Investment Corp. to incubate a new credit-related strategies firm.
Gregory Hanley, Alan Mintz and three others have joined Tudor to set up the new business, which will eventually be spun-off as an independent firm in which Greenwich, Conn.-based Tudor, which manages some $18 billion, will serve as a strategic partner.
“Joining Tudor allows us to seamlessly integrate our experienced investment team, thanks to Tudor’s first-class trading, risk management and operation infrastructure,” Hanley said.
Hanley worked at Bear for more than 20 years, most recently as senior managing director, co-head of distressed debt and co-head of high-yield trading. Mintz, also a senior managing director, had been at Bear since 1997, and served as co-head of distressed debt along with Hanley.
Also making the jump from Bear, which was acquired by JPMorgan Chase last month, are Mitchell Sussman, Eric Friel and Howard Norowitz, who will serve as senior members of the new credit business.