Anchorage Advisors, a private investment firm focused on the credit and special situations markets with USD7bn under management, has appointed Daniel Allen, formerly co-head of North American credit trading for Morgan Stanley, as a partner and senior portfolio manager.

Allen will work closely with members of Anchorage's senior management and investment staff to enhance the firm's research and trading capabilities.

'We are excited to have someone of Dan's calibre join our talented investment team,' says Anchorage chief executive Kevin Ulrich. 'We look forward to leveraging his background and deep expertise in our core areas of bank debt, bond and distressed investing.'

Tony Davis, the firm's president, adds: 'Dan is a proven leader with significant management skills and energy who will strengthen our firm.'

Allen spent six years at Morgan Stanley, where he was most recently responsible for North American credit trading with a primary focus on bank debt, high-yield bonds and distressed securities. He was previously a loan trader at Goldman Sachs.