The former cohead of Morgan Stanley’s trading business joined GoldenTree Asset Management.
Daniel Ornstein joined GoldenTree and is cohead of its trading business along with Corey Geis. Reached at the firm’s New York headquarters by phone, Ornstein and a GoldenTree representative each declined to comment. Ornstein was in charge of distressed trading for North America at Morgan Stanley.
GoldenTree’s latest CLO will allow for up to 40% of its holdings to be invested in bonds, a large portion atypical of CLOs. The $590 million CLO, GoldenTree Credit Opportunities 2012-1, must have at least 50% of its portfolio invested in senior secured loans, senior secured floating-rate notes or other similar investments. But it can have as much as 40% in corporate bonds, second-lien loans or unsecured loans
In April, Bank of America arranged a $526.8 million CLO managed by GoldenTree.
GoldenTree has $15.9 billion in assets under management and was founded in 2000 by former MacKay Shields investment specialist Steven Tananbaum, who serves as managing partner and chief investment officer