Tudor hires Bear Stearns distressed debt team to launch credit-related strategies

Hanley and Mintz join Tudor from Bear Stearns, where they were senior managing directors and co-heads of the distressed debt group, and Hanley was co-head of the high-yield trading group. Mitchell Sussman, Eric Friel and Howard Norowitz are also joining Tudor as senior members of the new credit-related team.

The new team and credit-related investment management business will initially operate within Tudor, but a future spin-off is envisaged for the unit as an independent investment advisory business in which Tudor will be a strategic partner. The firm says it will support this initiative with funding commitments and ongoing strategic guidance and support.

‘The dislocation and lack of liquidity in credit-related strategies have created significant investment opportunities,’ says Paul Tudor Jones II, founder of the eponymous firm. ‘Given their deep knowledge, vast experience and exceptional track record in the high yield and distressed credit markets, we are thrilled to be partnering with Greg and Alan as they seek out these opportunities.’

Hanley, who joined Bear Stearns in 1985 and became a board member in 2003, says: ‘Joining Tudor allows us to seamlessly integrate our experienced investment team, thanks to Tudor’s first class trading, risk management and operational infrastructure.’

Mintz, who had been with Bear Stearns since 1997 was responsible for managing the company’s proprietary portfolio of investments in the US and London, overseeing the special situations lending business, and managing the distressed analytical team.

Tudor Investment Corporation, an alternative asset management firm founded by Jones in 1980, currently manages more than USD18bn in strategies including global macro, long/short public equity in the US, Europe and Asia, long/short emerging market equity, emerging market credit, private equity, managed futures, commodities, energy and quantitative trading.