Sources have confirmed to PDI that David Allen has hired Joseph Novarro and Matthew Courey as part of the founding team for the new credit fund that he is planning to launch.
A report on the hires first appeared in Bloomberg.
It is understood that Novarro will become partner and chief operating officer as well as a member of the investment committee, while Courey will be a partner and portfolio manager and also a member of the investment committee.
Neither Allen, Novarro nor Courey have confirmed the moves or made any comment.
From 2011 to 2015, Novarro was a managing partner and chief operating officer at Renshaw Bay, a London-based investment management firm with assets of more than $1.5 billion. He was a member of the management and investment committees.
In 2015, following the departure of Renshaw Bay founder Bill Winters to become CEO of Standard Chartered, Novarro co-managed the sale of the firm’s $1.2 billion real estate finance business to GAM.
From 2010 until this year, Courey was head of Credit Suisse’s high yield bond trading team, which was ranked number two in its field three years running by Greenwich Associates.
He was previously in the high yield media research team at Morgan Stanley from 2001 to 2009, before becoming an executive director in the fixed income credit business, trading in all parts of the capital structure.
Allen resigned from the Canada Pension Plan Investment Board (CPPIB) in May this year, and is planning to launch the credit fund later this year.
He built up the European credit platform at CPPIB, having previously been a partner and senior portfolio manager at GoldenTree Asset Management and worked for over a decade in M&A and investment banking at Morgan Stanley.