Larry Schloss, hired in 2013 by Angelo, Gordon & Co. as its president and a prospective future leader, has left the alternative asset manager, according to a person familiar with the matter.
Michael Gordon, a co-founder and chief executive officer of the New York-based firm, informed Angelo, Gordon’s clients in a letter Friday of Schloss’s departure, saying it will have no impact on investment strategy.
“We appreciate the diligence and energy that Larry brought to our firm for the last two years,” Gordon said, according to the person, who had obtained the letter. “We wish him well in his future endeavors.”
“This does not in any way affect our investment process or the way we run the firm,” Gordon wrote. Angelo, Gordon will name no successor to Schloss, the person said.
The letter gave no explanation for Schloss’s departure. Reuters first reported Schloss’s departure late Friday.
Schloss declined to comment.
A distressed-debt and private equity investor with $25 billion in client assets, Angelo, Gordon was started in 1988 by John Angelo and Gordon, who’d worked together at L.F. Rothschild & Co. Angelo stepped down as CEO in 2015. He died of cancer in January at 74.
This year the firm hired Gareth Henry as global head of investor relations from Fortress Investment Group LLC. In August it said Josh Baumgarten, a distressed-credit specialist at Blackstone Group LP, would become head of credit investing. He is expected to join later this year.
Schloss, who is in his early 60s, was chief investment officer of New York City’s $154 billion retirement system from 2010 to 2013. He previously led private equity firm Diamond Castle Holdings, which he co-founded in 2004, and was global head of Credit Suisse Group AG’s private equity business.