Allen brings in old number two at new fund

Former CPPIB double act David Allen and Bill Ammons are to be reunited at the former’s new fund, AlbaCore Capital.

Bill Ammons will join new credit fund manager AlbaCore Capital as a partner and portfolio manager, as well as a member of the investment and management committees, according to market sources.

AlbaCore Capital was launched by David Allen, who resigned from the Canada Pension Plan Investment Board (CPPIB) in May this year having built up its European credit platform.

Ammons was Allen’s number two at CPPIB from 2010-2016, helping manage all aspects of the fund including deal sourcing, structuring, arranging and portfolio management.

He also served on the real estate debt investment committee and board at Altamira Asset Management Holdings, having previously worked in leveraged finance for the likes of Bank of America Merrill Lynch and Wachovia.

Ammons will be part of the founding team which also includes Joseph Navarro and Matthew Courey, who were hired in June as partner and chief operating officer and partner and portfolio manager respectively.

Navarro was previously a managing partner and chief operating officer at London-based investment management firm Renshaw Bay, while Courey was head of Credit Suisse’s high yield bond trading team.

These hires were followed in July by the recruitment of David O’Neill from US financial services firm KCG Holdings as business operations and risk manager.

Sources say AlbaCore is likely to make further hires to its investment and business development teams in the coming months, ahead of the official launch of the fund later this year.