Hedge fund, D.E. Shaw, hired Max Holmes and Daniel Posner last week as part of an effort to expand its business to include distressed trading. Holmes and Posner will act as senior vice presidents to develop and implement investment strategies focusing on the distressed market. Holmes joins the firm after serving as founder and co-head of the high-yield group at RBC Dominion Securities. Posner joins from Intermarket Corporation, where he was a portfolio manager specializing in distressed securities. Posner and Holmes were unavailable for comment and calls were referred to a spokesman, who declined to comment further on their responsibilities.
Julius Gaudio, managing director and head of the firm's equity-linked investment strategies will head up the distressed group. "Max and Daniel's expertise in the area of distressed investing is a perfect complement to the D.E. Shaw group's acumen in risk management, portfolio optimization, and technology," he said.