Sandelman Partners is building a multiple-strategy investment management firm that will invest in a broad range of debt and equity securities including credit opportunities and structured products. Founded last November by CEO Jonathan Sandelman, former president of Bank of America's securities unit, the firm has brought on board a team of banking and hedge fund pros. Officials at the firm referred questions to David Nissenbaum at law firm Schulte Roth & Zabel, who did not return calls.
Sandelman has tapped Robert Shustak as chief operating officer. He joins from Metropolitan West Financial, but from 1993-99 he was responsible for building the accounting, technology and operational divisions at Long-Term Capital Management (LTCM). Though the fund obviously had catastrophic problems, "throughout the meltdown, the back office continued to perform," said one market source. After LTCM, Shustak went to Quantitative Financial Strategies.
William Brown, who previously ran the middle-market loan arbitrage group at Wachovia Securities, has joined to manage a structured products platform. At Wachovia, Brown was a managing director responsible for developing two collateralized loan obligations known as CoLTS that invested in middle-market loans originated by firms includingGE Capital and Capital Source.