Mark Brodsky and Adam Stanislavsky are in the process of raising capital for a new hedge fund called Aurelius Capital Management. Brodsky was formerly a senior portfolio manager and member of the management committee at Elliott Associates, while Stanislavsky was most recently a portfolio manager at John A. Levin & Co.
During his nine-year tenure at Elliott, Brodsky was involved in the bankruptcies ofEnron Corp., Iridium and more recently Owens Corning. He also specialized in capital structure arbitrage, litigation plays and also private investments in companies. Prior to working at Elliott, he was at hedge fund Dickstein Partners for two years and before that rose to co-head of the bankruptcy department at law-firm Kramer Levin Naftalis & Frankel. Brodsky, who is chairman of Aurelius, declined comment.
Stanislavsky, who is president of the new fund, was at John A. Levin for two years. Before that he was at Elliott for four years. His expertise includes distressed investments and event driven and multi-strategy arbitrage.
In setting up Aurelius the two managers are joining a slew of other big-name distressed pros seeking to start their own firms to meet huge investor demand. Angelo, Gordon & Co.'s Jeff Aronson left last month to start his own firm and Satellite Asset Management's David Ford teamed up with Dave Sabath, formerly JPMorgan's head of proprietary credit trading for North America, to launch a credit-based fund. They are being joined by Steve Blauner, an ex-bankruptcy partner in the financial restructuring group at Milbank, Tweed, Hadley & McCloy, who served as the principal counsel to the Loan Syndications and Trading Association relating to distressed debt. Meanwhile, Max Holmes left D.E. Shaw to start Plainfield Asset Management with Deutsche Bank trader Rob Sherman.