Ilex Asset Management, a London-based credit hedge fund, will be looking to hire an additional portfolio manager focused on the firm's soon-to-launch leveraged loan fund and a senior analyst for its flagship credit fund, said founder Simon Thorp. The hires are expected in the next few months.
The loan specialist will co-manage the new fund with Thorp and James Sclater, senior portfolio manager. While enhancing the team's experience of the loan market, this will also enable Sclater to continue to devote time to the existing credit fund, Thorp explained. The leveraged loan fund was due to launch this month, but minor delays have pushed back the rollout to Feb. 1. It is likely to launch with around $25 million and Ilex will wait until it has raised $50 million or so before making the hire, probably in the second or third quarter.
The senior analyst position is likely to be filled first. The firm will seek someone with experience of workout situations, which would benefit the credit fund during a weaker market, said Thorp. No candidates have been lined up. The credit fund holds about $200 million and Thorp said he hopes to grow this to $500 million by year-end.