Taconic Hires Ex-Caxton’s Gordon for Emerging MarketsKelly Bit
Taconic Capital Advisors LP, the $8 billion multistrategy hedge-fund manager with a focus on event-driven investing, hired Scott Gordon, a former partner at Caxton Associates LLC, as portfolio manager for emerging markets.
Gordon will join Taconic on Sept. 16, the firm wrote in a letter to investors, a copy of which was obtained by Bloomberg News. The emerging-markets portfolio will primarily focus on corporate and sovereign credit in Latin America, central and eastern Europe, the Middle East and Africa, according to co-founder Frank Brosens.
“Over the last 18 months, there’s been tremendous issuance of corporate credit in emerging markets,” Christopher DeLong, chief investment officer of Taconic’s opportunity and event-driven funds, said in an interview.
Emerging-market companies have sold $201 billion of dollar debt so far this year, on pace to surpass last year’s record, according to data compiled by Bloomberg. Concern the U.S. Federal Reserve will taper its unprecedented stimulus as soon as this month has prompted stock and bond investors to pull money out of emerging markets, according to Barclays Plc and EPFR Global data.
Gordon left Caxton at the end of 2012 after three years as a partner and senior portfolio manager, according to the letter. There, he managed a portfolio with a focus on emerging markets and peripheral European countries, such as Portugal, Italy, Greece and Spain. Before that, he was head of emerging markets at Marathon Asset Management LP from 2007 to 2009. Prior to that, he headed the global special-situations group at Bank of America Corp. Earlier in his career he worked for JPMorgan Chase & Co.
Gordon will report to DeLong. Taconic will focus on building the emerging-markets team and continue to look for investment talent in other markets, Brosens said in an interview. The firm hired Keith Magliana in May 2011 as a portfolio manager for European credit.
Taconic was founded in 1999 by Brosens and Ken Brody. The firm employs 120 people, 41 of which are investment professionals.
The flagship Taconic Opportunity Fund, which has $6.9 billion in assets, rose about 10 percent this year through August, according to a person familiar with the matter. Steve Bruce, a spokesman for Taconic with ASC Advisors LLC, declined to comment on the return.