David Teolis has joined Forest Investment Management, a hedge-fund based in Old Greenwich, Conn., as a portfolio manager for the firm's newly developing distressed business. He will also co-manage the fund's capital structure arbitrage program, says Doug Cramer, a firm spokesman to whom Teolis referred calls. Teolis joins from Nomura Asset Management. Nomura officials could not be reached.
Kramer says the addition of Teolis is part of Forest's new strategy to expand its existing platform in convertible bonds to include a greater universe of securities in response to customer demand. The hiring of Teolis complements that of Ann Lee, a portfolio manager who recently joined the firm from Symphony Asset Management. Lee will report to Scott Watson, head of U.S. portfolio management. The firm has also hired a distressed analyst to support Teolis. Cramer declines to name the analyst.