Grills and Heiland, who as co-heads of emerging-market debt at JPMorgan Chase & Co. managed as much as $12 billion, will help oversee investments in government and corporate bonds in local and international markets, Gramercy said in a statement. They will report to Gramercy founder and Chief Investment Officer Robert Koenigsberger. Grills, 38, and Heiland, 43, left JPMorgan in October.
“We’ll continue to work within one unified investment committee process,” Koenigsberger said in a telephone interview from San Diego.
The appointments follow Gramercy’s swap of its Argentine bond holdings in a restructuring of the country’s defaulted debt that ended last week. The firm was part of a group of institutional investors that approached the Argentine government via a “reverse inquiry” to restructure the nation’s $18.3 billion worth of defaulted securities, Koenigsberger said. Gramercy had “in excess of 10 percent” of the defaulted bonds, he said.
Creditors holding about $12.1 billion of eligible defaulted debt, or 66 percent of the total, tendered their securities in the restructuring, Economy Minister Amado Boudou said June 23.