Apollo Global Management LLC has lured a debt analyst from Claren Road Asset Management as the private-equity firm adds to its credit-investing arm, according to three people with knowledge of the move.
Matthew Sparacino, a managing director at Claren Road who helped oversee $80 million worth of positions in Caesars Entertainment Corp., will cover gambling and health care from New York starting in July, said two of the people, who asked to not be identified because the hiring hasn’t been made public. He will focus in liquid, event-driven strategies across the credit spectrum, the people said. Claren Road is majority owned by Carlyle Group LP.
Apollo’s credit arm has been hiring analysts, strategists and traders as it seeks to expand the opportunistic credit hedge fund run by John Zito. Apollo co-founder and Chief Executive Officer Leon Black singled out the credit business as the firm’s primary vehicle for growth at its investor day in December. Apollo expanded assets of the credit group to $113 billion, dwarfing its $41 billion private-equity division, as of March 31.
Tristam Leach, a former portfolio manager at hedge-fund firm Cheyne Capital Management, will join Apollo next week in London to help source ideas for event-driven trades, said one of the people. A spokeswoman for Cheyne Capital confirmed Leach departed in March.
Charles Zehren, a spokesman for New York-based Apollo at Rubenstein Associates Inc., didn’t immediately return telephone and e-mail messages left for comment. Albert Marino, chief operating officer of New York-based Claren Road, declined to comment. Randy Whitestone, a spokesman for Washington-based Carlyle didn’t immediately provide a comment.
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