Mon, 10/03/2008 - 12:00
P. Schoenfeld Asset Management, a multistrategy hedge fund manager with more than USD3bn in assets under management, has recruited Wall Street veteran Louis P. Friedman to lead a new strategy focused on private investments and long-term public holdings.
Friedman will take up the new position of president and managing partner of private equity and longer-term public investments, a new position at P. Schoenfeld Asset Management, and become a member of the firm's executive committee.
He will work with chief executive and chief investment officer Peter Schoenfeld on the development of the new strategy and its risk management practices. The firm was founded in 1997 and has offices in New York and London.
Friedman joins P. Schoenfeld from Bear Stearns, where he was a vice-chairman of investment banking and global chairman of mergers and acquisitions. He has also been a member of the investment committee for Bear Stearns Merchant Banking and served on the president's advisory council.
'I've known and respected Lou for many years, and am thrilled he will be joining our global team,' says Peter Schoenfeld. 'He brings a deep understanding of industry dynamics and possesses significant and relevant experience in both the public and private sectors, which will be critical as we expand into this new strategy under his leadership.
'As a trusted advisor, Lou has established an extensive network of relationships in the international business community. We also expect to leverage his skills within the existing portfolio and benefit from his years of experience as we take advantage of the unusual number of new investment opportunities available in the market today.'
Friedman, who has more than 20 years' experience in the investment banking industry, joined Bear Stearns in 2000 from Donaldson, Lufkin & Jenrette, where he built the media and communications M&A group into one of Wall Street's top-ranked teams in the sector. He was previously a senior banker at Wasserstein Perella, which he joined at its founding from First Boston.
'I am delighted to join Peter and the team at PSAM,' Friedman says. 'This professional change represents a unique opportunity for me to continue my career by becoming a principal investor. Peter has put the firm in a perfect position to expand its business model with new strategies that will deploy flexible capital in a range of public and private situations.'
During his career, Friedman has played a key role in major transactions in the telecommunications, media and other industries, advising corporate and financial sponsor clients including Deutsche Telekom, Orange, Western Wireless, Weather Investments, Qwest, Thomson, R.H. Donnelly, Century Communications, Comcast, News Corporation, Time/Warner, UPS and TNT Logistics.
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