Gil Marchand, portfolio manager at Aladdin Capital Management, is expected to leave the firm in the coming weeks. As first reported on Credit Investment News' Web site Wednesday, he is said to be considering opening up his own firm, though that could not be confirmed. Marchand, who is based in New Haven, Conn., declined comment. He is still an employee of Aladdin, but some in the market said the firm was expected to be making an announcement about his departure soon.
Joe Moroney, also a portfolio manager, would become the most senior portfolio manager at the firm. Aladdin, however, is also looking at adding two more portfolio managers in the next two to three months and has been conducting interviews both internally and externally. The final management structure is still under discussion. George Marshman, senior managing director, declined comment.
The firm is currently working on a deal with Merrill Lynch so bankers there are aware he is leaving and all current investors have been notified and all perspective investors in the book have also recently been notified that he is leaving.
The New Haven, Conn. office, where Marchand has been working out of for the last several months, will stay open through 2008. The team working in that office is expected to continue to work out of there, however, there is expected to be ongoing discussions about possibly moving those employees to the main office in Stamford, Conn.
Marchand has been at Aladdin since 2001. He previously worked at Merrill Lynch Investment Management. According to Derivative Fitch data, Aladdin, based in Stamford, Conn., has about $15.5 billion in assets under management, as of Sept. 30, 2006.
