Wednesday, February 25, 2009

Avenue Distressed Debt Head Is Also Outtahere

The exodus continues as things smell fishy in the house of Lasry: first Chelsea, now Bruce Grossman, formerly head of U.S. distressed-debt strategy at Avenue, and whose book was $7.7 billion out of Avenue's total $17.2 billion in November (now both likely a tad lower). Marc Lasry (who in Katherine Burton's hilarious Hedge Hunters is portrayed as hiring analysts after a game of backgammon. Hey Bloomberg - when are you issuing Hedge Hunter 2: The Survivors?) is left scratching his head as to who will replace Bruce. Allegedly the proposed replacement is Rob Symington, who had spent 13 years at Resurgence Capital prior to joining Avenue in 2005. Seeing how Avenue is (or was) considered one of the greatest distressed-debt hedge funds, we with them godspeed in smoothly integrating a portfolio manager who will manage their distressed assets to new heights. Sphere: Related Content
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