Stanfield Capital Partners has launched a distressed debt hedge fund and has hired two managing directors to work on business development, said Kevin Murphy, managing partner. He declined to provide further details regarding the new fund but added Stanfield is planning to add two or three analysts in the first quarter this year. Stanfield has tapped Richard Johnson, a managing director at hedge fund firm Lucerne Partners, and Marion Patterson, an executive in the hedge fund placement group at Links Capital Group.
The New York manager with $7.5 billion in assets, has been looking to expand its distressed debt business since last spring. Dan Baldwin, chief investment officer at the firm, said, "Last year there were tremendous values and plays that were done, but as various companies decline from good graces and restructure, I think opportunities will continue for the next 12 to 18 months," (LMW, 4/14). Both Johnson and Patterson confirmed their recent move to Stanfield. A spokesman at Lucerne Partners said that Johnson had not yet been replaced. Calls to Links Capital officials were not returned before press time.