Stanfield Capital Partners has cut its marketing team and will instead rely on its client services group to raise funds. As first reported on Credit Investment News' Web site last week, Kevin Murphy, Richard Johnson and a third member of the marketing team have left Stanfield and will not be replaced. Murphy was a managing partner, head of business development, and Johnson was a managing director of strategic business development. Neither could be reached for comment.
Robin Keller, managing director and head of client services, said Stanfield has made a "strategic decision to take a different path in achieving fund raising efforts." She said Stanfield's client services group will work closely with existing broker-dealer relationships in order to raise new funds.
Stanfield has been growing its client services group over the last four-to-five months, Keller said. That group had been dealing more with distinct clients, while the marketing group dealt more with new investors and with some existing clients. During the past few months Stanfield, which has about $10 billion under management, has been moving those marketing clients into the client services group.
Murphy joined Stanfield in 1999. Prior to that, he was a partner and director of marketing at Gleacher Natwest. He also worked at Schroeders, Lazard Freres and Cantor Fitzgerald. Johnson previously worked at ING Barings, Chase Manhattan Bank, Drexel Burnham Lambert and Salomon Brothers.
The moves are unrelated to the recent departures of Robert Paine and Michael Cassidy, who left Stanfield in February and January, respectively. Paine left to join GSC Partners, where he is a senior managing director, managing a hedge fund that will invest in debt and equity investments in the leveraged and distressed markets. At Stanfield, he was a distressed debt portfolio manager. Stanfield will not be replacing Paine (CIN 2/27). Cassidy, a trader, is now the head trader at Stone Tower Capital. Cassidy declined comment. --Kristen Haunss
