Finance
Barings Sues Corinthia, Ian Fowler Over Private Credit Defection
- Poaching of more than 20 employees shocked the industry
- Asset managers are vying to gain exposure in the asset class
The poaching shocked the private credit industry, which has grown to $1.7 trillion in assets under management globally.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Investment manager Barings sued Corinthia Global Management and former employees Ian Fowler and Kelsey Tucker after the upstart private credit firm poached more than 20 employees in one of the largest team lifts at an alternative asset manager in recent years.
The poaching shocked the private credit industry, which has grown to $1.7 trillion in assets under management globally. The industry has expanded quickly as more firms seek exposure to a corner of the loan market that can appear less volatile and offer higher returns, but starting a new asset manager remains difficult given the limited talent pool in the niche.