Halcyon Management Company, a $2.5 billion hedge fund firm in New York, has nabbed Steven Mandis from Goldman Sachs to be its vice chairman and cio for its special credit and select opportunity strategies. Mandis will focus on credit arbitrage and will be originating and acquiring a diversified portfolio of high-yielding debt of middle-market companies and undervalued investments. “We wanted to expand in that area,” said Herbert Adler, managing principal. The position was created to expand on products that are not offered by broker-dealers. “We will be calling people directly and structuring things that are more complicated,” said Mandis.
At Goldman Sachs, Mandis was a portfolio manager in the bank’s special situations investing group, a multi-billion dollar proprietary credit investing area within the fixed-income, currency and commodity division. Ed Canaday, a Goldman spokesman, did not return a call.