Advent Capital, a $2 billion money manager based in New York, has hired David Phipps to the new position of managing director and high-yield credit analyst. Phipps joins from J.P. Morgan Securities, where was a v.p. and had been the top high-yield technology analyst on the Institutional Investor All-America Fixed-Income Research Team for three straight years. He could not be reached.
"We're delighted to have hired David Phipps. He's an outstanding credit analyst and research professional," says Les Levi, portfolio manager and managing director. Levi, a former J.P. Morgan managing director, joined Advent recently to expand and manage the firm's high-yield assets (BW, 3/2), which have been mostly held in convertible bonds to this point.
Separately, Advent will launch and manage theAdvent Claymore Convertible Securities and Income Fund, a closed-end fund that is to be 60% convertible bonds and 40% high-yield. The fund, which is still being marketed, will close April 29. Merrill Lynch is the fund's primary underwriter, though there are 10 others. Levi declined to comment on the matter. The high-yield and convertible markets have been performing well in recent months and appear to have excellent prospects, says a person close to the fund. Similar funds managed by Pioneer Investment Management and Nicholas-Applegate Mutual Funds have reportedly raised $500 million-$1 billion.
