Key Takeaways
- • Lawrence Schloss, president of Angelo, Gordon & Co, departed the firm in March 2016 after serving in the role for more than two years, according to a client letter sent by the firm on March 18.
- • Schloss joined Angelo, Gordon in November 2013 as a partner and member of the executive committee after departing his role as chief investment officer of the $145 billion New York City Retirement Systems (NYCERS).
- • Angelo, Gordon confirmed to clients that Schloss's departure would result in no changes to the firm's investment strategy, signaling continuity in operational and investment direction.
- • The departure marks a leadership transition at the alternative asset manager but does not appear to signal broader organizational disruption or strategic shifts.
Summary
Lawrence Schloss, who served as president of Angelo, Gordon & Co, has left the alternative investment firm, the company announced to clients on March 18, 2016. Schloss had held the president position for more than two years, according to a formal letter the firm distributed.
Schloss had joined Angelo, Gordon in November 2013 as a partner and member of the firm's executive committee, representing a notable hire from the public pension space. Prior to his arrival at the alternative asset manager, he served as chief investment officer of the New York City Retirement Systems (NYCERS), a $145 billion pension fund, a position he held until October 2013.
In communications to clients regarding Schloss's departure, Angelo, Gordon emphasized that the leadership transition would not result in any modifications to the firm's investment strategy or operational approach. This statement appears designed to reassure clients and limited partners of the firm's stability despite the exit of a senior executive.
The departure represents a relatively standard executive transition within the alternative investment industry, where leadership moves between institutional asset management roles and private investment firms are not uncommon. The firm's explicit commitment to maintaining strategic continuity suggests Angelo, Gordon was prepared for this transition and has succession planning in place.
Schloss had joined Angelo, Gordon in November 2013 as a partner and member of the firm's executive committee, representing a notable hire from the public pension space. Prior to his arrival at the alternative asset manager, he served as chief investment officer of the New York City Retirement Systems (NYCERS), a $145 billion pension fund, a position he held until October 2013.
In communications to clients regarding Schloss's departure, Angelo, Gordon emphasized that the leadership transition would not result in any modifications to the firm's investment strategy or operational approach. This statement appears designed to reassure clients and limited partners of the firm's stability despite the exit of a senior executive.
The departure represents a relatively standard executive transition within the alternative investment industry, where leadership moves between institutional asset management roles and private investment firms are not uncommon. The firm's explicit commitment to maintaining strategic continuity suggests Angelo, Gordon was prepared for this transition and has succession planning in place.
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