March 25 (Bloomberg) -- WL Ross & Co., the $9 billion investment firm run by Wilbur Ross, named Stephen Toy and Greg Stoeckle co-leaders, to further develop a second generation of management.
Ross, 76, who started the New York-based distressed investment firm in 2000 after a career advising troubled companies, will remain chairman and chief strategy officer, WL Ross said in a statement today.
Stoeckle, 49, joins from Invesco Ltd., a money manager that acquired WL Ross in 2006. He had been president and managing director of Invesco’s $27 billion bank-loan unit. Toy, 41, a managing director and chairman of the investment committee, has been at WL Ross since inception.
“With Stephen leading the investment side of our business and Greg in charge of all the other aspects, I will now have more time to devote to developing and implementing the macro strategies that have always been central to our portfolio decisions,” Ross said in the statement.
To contact the reporter on this story: David Carey in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Christian Baumgaertel at email@example.com Pierre Paulden