Reich & Tang Capital Management has hired Hamilton Hadden to the new position of head of credit research for the firm's New York-based fixed income group, Global Investment Advisors, to accommodate an increase in assets under management. Formed in 1998 by a group of investment advisors who, like Hadden, come from J.P. Morgan Investment Management, GIA now manages some $700 million in assets, up from $150 million a year ago. Eduardo Cortez, a GIA co-founder, says the expanding asset size allows the firm to create a more formal division between analysis and portfolio management, though each of the investment advisors at the firm does a bit of both. Cortez says he may hire a slightly more junior credit analyst in a year or so, if the size of assets doubles or triples over that time.
Hadden, who spent 27 years at Morgan, says he left because he has enjoyed working with the advisors at GIA in the past, and sees GIA as a better opportunity, declining comment on his compensation. He says he didn't come over in 1998 because, "GIA didn't need me then." He believes he's been replaced at Morgan, but Nancy Voye, head of credit research there, declined comment. Reich & Tang is an affiliate of CDC IXIS Asset Management North America, which has 17 affiliates and divisions and manages some $135 billion in assets. Both Reich & Tang and CDC North America are based in Boston.