After doubling its assets under management and the number of its employees, then consolidating its various businesses into three sectors, Florham Park, N.J.-based GSC Partners has changed its name to GSC Group.

The alternative asset management manager unveiled its new moniker last week, timed to reflect changes to its management and ownership structures that were implemented earlier this year. This was when GSC Partners promoted 22 executives from within its ranks as managing directors and senior managing directors. It also became incorporated, shed its partnership structure, and opened ownership of the firm to all employees. At press time, GSC Group employees owned a majority of the company, said spokesman Roland Tomforde.

"We have created a single institution with global reach and the rational management structures that one would associate with a sophisticated financial institution," said Alfred Eckert, III, chairman and CEO of GSC Group. "Our new name more accurately describes the major financial institution we are building."

Over the last two years, the firm consolidated its various businesses into the corporate credit, distressed investing and real estate sectors. Corporate credit includes CDOs, CLOs, mezzanine lending and derivative products while distressed investing involves control distressed debt and other strategic credit opportunities. The real estate unit overseas REIT, MBS, and real estate structured products.

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