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Halcyon Hires Former Goldman Portfolio Manager

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NEW YORK (–Halcyon Capital Management Co. LLC hired Steven G. Mandis as managing principal, vice-chairman and chief investment officer for the US$2.5 billion hedge fund firm.

Mr. Mandis previously was a portfolio manager within Goldman Sachs Group Inc.’s Special Situations Investing Group, which a news release from Halcyon described as “a multibillion-dollar proprietary credit investing area within Goldman Sachs’ Fixed Income, Currency and Commodities Division.”

A Goldman Sachs spokesman said the firm had no comment about Mr. Mandis’ departure or who, if anyone, would replace him.

At Halcyon, Mr. Mandis will be responsible for putting together a portfolio comprising the high-yielding debt of middle-market companies as well as “undervalued and orphaned investments in a broad range of asset categories,” according to a statement from the firm.

John M. Bader, co-chairman and managing principal at Halcyon, said Mr. Mandis’ experience at Goldman made him a perfect fit at Halcyon. “Some of the greatest inefficiencies in the credit market exist in companies that have difficulty in issuing high-yield debt,” Mr. Bader said in a statement. “High risk-adjusted returns are possible because of the complexities of sourcing, analyzing, structuring and closing transactions and because of the market’s lack of focus on ‘stressed’ middle-market situations. Steven had an incredible track record making these types of investments at Goldman Sachs.”

In a statement, Mr. Mandis called his move to Halcyon a “unique opportunity to join a preeminent multi-strategy investment manager.”

Also as part of his duties, Mr. Mandis will serve on Halcyon’s risk management and investment committees.

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Contact Bob Keane with questions or comments at: [email protected]</a.