Sheppard Davis has resigned from ORIX Capital Markets, where he oversaw the firm's corporate finance group (CFG)--a proprietary investment portfolio run out of Dallas. Chris Smith, the CFG's former credit research chief, has assumed responsibility for the portfolio, which totaled roughly $3.5 billion earlier this year (BW, 7/13).
In an interview last year, Davis told BW that CFG invested mostly in sub-investment-grade and emerging markets debt. Smith declined to give specifics about the size or composition of the portfolio, but says the investment strategy remains unchanged.
Davis describes his departure as amicable, and while he says he has retired, he adds that "there is a big pool at ORIX on when I'll be back in [the market at another firm], and the over/under is in days, not months." Davis joined ORIX over two years ago during a merger with Seaboard & Co., a hedge fund he founded in 1992.
Separately, ORIX has moved a portfolio of mezzanine debt and private equity investments from New York to Dallas, to be managed by Bill Ficca. Ficca had been a portfolio manager overseeing structured products at CFG. He referred calls to Smith. Smith declines to comment on ORIX's reason for moving the portfolios to Dallas.
In other staffing changes,Mike Doran, formerly a senior analyst with CFG, has taken over as research chief for Smith. Tom McLoughlin, formerly an analyst with the group, has left. Smith declines to comment on McLoughlin, or any other recent personnel changes, though he says the size of the staff remains unchanged. McLoughlin could not be reached.