Jan. 31 (Bloomberg) -- Goldman Sachs Group Inc. picked Raanan Agus to manage Liberty Harbor after the credit investment unit’s Chief Investment Officer Gregg Felton quit this week, ending a six-year tenure there.
Brendan McGovern and Sal Lentini will be the co-heads of Liberty Harbor’s investment team, reporting to Agus, who is also global co-head of Goldman Sachs Investment Partners, according to an internal memo sent on Jan. 28. Andrea Raphael, a spokeswoman for the New York-based bank, declined to comment.
McGovern was head of research and Lentini was head of credit trading in the Liberty Harbor team, according to the memo. Both were also senior portfolio managers. Agus will continue to run GSIP, a hedge fund that handles client money, with Ken Eberts, the firm said in the memo.
McGovern and Lentini were part of a 17-person team led by Felton that Goldman Sachs hired in 2006 from defunct hedge fund Amaranth Advisors LLC. Liberty Harbor, which is part of Goldman Sachs’s asset management group, is a global multi-strategy fund that seeks to profit from mispriced securities in credit markets, according to the bank’s website. Liberty Harbor manages about $5 billion in assets, according to a fund prospectus.
Felton, 41, declined to comment on his plans. His departure was previously reported by Hedge Fund Alert.
Felton managed Amaranth’s investments in debt markets before the hedge fund collapsed in 2006 following wrong-way wagers in energy markets.
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