Van Kampen Investment's leveraged loan group has hired seven new members, both in New York and Chicago, and will be hiring two more, said Howard Tiffen, managing director and director of senior loans. The move follows the departure of eight team members to form their own firm in early June.
Internally, the group hired Jack Wells from the high-yield group to focus on health care and be the director of research. Externally, the group hired Phil Yarrow, a portfolio manager at JPMorgan, Jeremy VanDerMeid from Dymas Capital Management, and Jeff Scott from State Farm to join Wells on the investment side. Another investment professional is expected to be hired soon. Jack Pace, also an internal hire, will work with Kevin Egan specializing in structured products.
"To have found people of this quality is, I think, a tribute to the market's perception of the quality of the work done by this group," Tiffen stated. At press time, Tiffen said the specific sectors the new hires will work on had not been decided upon. He also could not comment on individual titles. The group also hired two support staff team members and should be hiring another in the coming months.
He said the group will probably be launching a new CLO in the future, but no timeline is in place. "We are always looking at new ways to raise capital and [you] shouldn't be surprised if we are managing a new vehicle, but no, no time frame has been set," he said.
Tiffen said that despite the departures, the firm did not experience much turbulence, citing the quality and depth of the remaining staffers. The transition should also be smooth because the hires are not all new faces to the business. "I'm delighted with the people that have joined us; it's a great team. Everyone who joined us has worked with us in one way or another in the past. It's not like a whole new group that is just trying to get started."
In early June four members from the portfolio side, Brad Langs, Douglas Winchell, Michael Starshak and Blaine Reed, and four on the administrative side left to form their own firm. (LMW, 6/10).